Property Tax Abatements

The Real Property Tax Exemptions for Historic Properties gives authority to local communities to offer a five-year freeze on increases in assessment that commonly result after an owner has rehabilitated a property. After five years, the increased taxes will be phased in over the next five years, resulting in a ten-year delay before the full impact of the new assessment is felt. Rehabilitation work must be performed on properties designated as local landmarks or located in local historic districts, and work must be approved by the landmarks commission.

The Farmer's Protection and Farm preservation Act allows for an income tax credit equal to 25% of the cost of rehabilitating historic barns. The barn must be income producing, in non-residential use, placed in service before 1936, and work must not materially alter the historic appearance of the structure. For information, contact the State Historic Preservation Office.

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