tax credits

Putting a value on historic preservation, revisited

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I like to revisit posts I have done. Not long ago I wrote about putting a value on historic preservation. Three recent developments bring me back to the subject. First, the Historic Preservation Commission recently approved 39 applications for the county’s historic preservation tax credits. The 39 projects represent nearly $1.5 million in private investment in historic properties in communities across the county. This is a good thing. As discussed in the previous post, money spent on historic preservation projects demonstrates a strong multiplier effect, making investments in historic rehabilitation particularly beneficial for local economics, jobs and businesses. The number of tax credit projects also bears note. The 39 projects represent perhaps a quarter, or less, of the projects … Continue reading

Putting a value on historic preservation

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The value of historic preservation is often expressed in terms that are difficult to quantify. We are preserving cultural patrimony, maintaining a sense of place, safeguarding our architectural heritage.

But what if we could hang a number on the value of historic preservation?  Actually, we can.

Look at tax credits issued for rehabbing historic properties. Montgomery County provides a 10-percent tax credit for qualified work on properties listed in the County’s Master Plan for Historic Preservation or located in County-designated historic districts. The State of Maryland and federal government also offer rehabilitation tax credits that some property owners may be able to receive on top of the county’s program.

In 2012, the historic preservation commission reviewed applications for the … Continue reading