November 16, 2004
Rehabilitation Tax Credits
Armed with info from last Saturday’s adventure, we’re in the process of applying for tax credits worth 25% of our rehab expenses. Like the Real Estate Tax Abatement Program, the Federal and Virginia Rehabilitation Tax�� Credits are something that we probably should’ve been working on for a while, but we just didn’t know.
The site states:
“Property owners who complete a certified rehabilitation of a significant historic building can receive an income tax credit on 25% of their eligible expenses through the Virginia Rehabilitation Tax Credit Program and an additional 20% credit through the Federal Rehabilitation Tax Credit Program.”
To qualify for the state credit, we have to prove that our house is listed or is ‘certified as eligible for listing’ on the Virginia Landmarks Register’, or is ‘certified as a contributing structure in a district that is so listed’. We feel that we should be able to pull this off. We also have to make that our work conforms to certain standards (short vesion, more info).
UPDATE
Unfortunately, it turns out that we’re not actually in a designated historic district (and hoodstoric isn’t good enough). So — no tax credits for us… It would’ve been rad to get that 25% back. From some of the maps in this article on the city site, I can tell that we are just blocks outside being officially historic. Unfortunately, I can’t actually access city GIS pages because they are Windows-only. It’s probably good not to know just how close we are… I did get further confirmation that our area is officially known as Fairmount, as we didn’t really know when we moved into the area.
Man, that stinks.