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