| For a long time heritage properties | | | | dilapidated. They can be applied to all |
| suffered from a bum rap. Investors were | | | | kinds of work on the building including, |
| reluctant to purchase a piece of the | | | | "architectural and engineering fees, |
| past because of the cost of dragging it | | | | site survey fees, legal expenses, |
| into the present. Fortunately, in the | | | | development fees, and other |
| last few decades, older properties have | | | | construction-related costs". |
| been rightfully recognized for their | | | | In a further effort to encourage folks |
| beauty and historical value and have | | | | to restore heritage properties, the |
| become a hot commodity. Yes, there is | | | | Maryland Historical Trust administers |
| often work to be done on heritage | | | | the state Heritage Preservation Tax |
| buildings, but there are also financial | | | | Credit program, which offers Maryland |
| incentives for restoring these | | | | income tax credits for 20 per cent of |
| properties to their former glory. After | | | | the qualified capital costs. These |
| all, restorations create employment and | | | | credits can be used towards interior and |
| the finished product is culturally | | | | exterior rehabilitation, certain |
| significant, making it a draw for | | | | landscaping projects, plumbing and |
| tourism and improving the quality of a | | | | electrical upgrades, architectural fees |
| neighborhood over all. | | | | and more. |
| In fact, property owners in Maryland can | | | | In addition, the Maryland Historical |
| benefit from potential federal, state | | | | Trust offers low-interest rehabilitation |
| and local tax credits for improvements | | | | loans to people who use the Heritage |
| and renovations. Maryland is serious | | | | Preservation Tax Credit Program. This |
| about encouraging people to restore | | | | loan can be used to acquire, restore or |
| historic homes or income-producing | | | | rehabilitate property making it easier |
| buildings. If you don't live in Maryland | | | | for you to do more with less. |
| don't worry - the state credits have no | | | | Within Maryland, many counties and |
| residency requirements, making it an | | | | municipalities also offer property tax |
| equal opportunity investment | | | | credits and/or a freeze on tax |
| opportunity. If you have a heritage | | | | assessments (for up to ten years) to |
| property outside of Maryland you may | | | | encourage people to rehabilitate |
| still be eligible for the federal | | | | historic buildings. Again, these |
| program. With all of these incentives, | | | | programs apply to homes and |
| be sure to check the program | | | | income-producing buildings designated as |
| requirements before starting any work. | | | | historic buildings. |
| Whether you are a home owner or a | | | | Although some (but not all) of these |
| long-term lease holder of an income | | | | incentives require you to maintain |
| producing certified heritage structure, | | | | ownership of your property for a time in |
| you can apply for a Federal | | | | order to enjoy the full tax benefits, |
| Rehabilitation Tax Credit of up to 20 | | | | you are significantly increasing both |
| per cent of a restoration. If your | | | | the appeal and the value of your home. |
| property has not been certified, you can | | | | When it does come time to sell, you will |
| apply to have it certified or take | | | | see the fruits of your labor. In the |
| advantage of the 10 percent credit for | | | | meantime you can enjoy the beauty of |
| non-historic, non-residential buildings | | | | your heritage property, knowing that you |
| put in service before 1936. These | | | | have helped preserve a piece of history |
| credits have been used to revitalize | | | | for future generations to enjoy. |
| buildings that were seriously | | | | |