Commission on Chicago Landmarks Fall Workshop
By Greg Nagel
I enjoyed the opportunity to attend this fall workshop held in Old
Town on 10/20/07 and wanted to pass on some interesting takeaways.
Landmark Tax Incentives
Mike Ward, IL Office of Preservation Services in Springfield, addressed
the group and discussed the different tax incentives available
to contributing landmark buildings. Anyone living in such a building that is considering doing a significant renovation should look into the available programs.
As you learn about these programs it is easy to have literally dozens of questions.
However, here is a very short summary that will perhaps give you enough information
to determine if this is something you want to investigate further.
For more info about these programs check out www.state.il.us/hpa or feel free
contact me at gnagel01@comcast.net.
I enjoyed the opportunity to attend this fall workshop held in Old
Town on 10/20/07 and wanted to pass on some interesting takeaways.
Landmark Tax Incentives
Mike Ward, IL Office of Preservation Services in Springfield, addressed
the group and discussed the different tax incentives available
to contributing landmark buildings. Anyone living in such a building that is considering doing a significant renovation should look into the available programs.
As you learn about these programs it is easy to have literally dozens of questions.
However, here is a very short summary that will perhaps give you enough information
to determine if this is something you want to investigate further.
- Property Tax Assessment Freeze – Residential program administered by the
State (IL Historic Preservation Agency – IHPA). The assessed valuation is frozen for
8 years and then brought back to market over a 4 year buildup. To qualify it must be
a contributing landmark building, a residential building, owner occupied, and where a
renovation will be or has been completed where the renovation cost is at least 25%
of the Assessor’s market value. - Historic Preservation Tax Credit – Residential and commercial program covering
all income producing properties. The benefit is a 20% tax credit. To qualify you must
renovate a contributing building spending an amount greater than the adjusted basis
(property cost less depreciation taken) on an approved rehab project. - Façade Donation Program – This program is under flux right now and does not appear to be a viable option.
For more info about these programs check out www.state.il.us/hpa or feel free
contact me at gnagel01@comcast.net.
