PROPERTY TAX REDUCTION FOR
HISTORIC DESIGNATED PROPERTY
March 29, 2010
Welcome Brentwood homeowners
......posted to Central City Discuss on 27 March 2010 by Jennifer Kitson:
Cindy (Brentwood resident) and I attended the Arizona Historic Sites Review Committee meeting yesterday and heard the committee approve Brentwood's state and national historic register nomination! Congratulations Brentwood!
Committee member John Jacquemart put it on the record that there was much support for the Brentwood nomination by the surrounding community. He cited the recent Coronado Home Tour in Brentwood, where almost 500 people showed up in the rain to tour the homes, as evidence of neighborhood and citywide support.
Yeah for support letters (Wayne and Steve), participation in the Home Tour, and Brentwood neighbors! (Unfortunately, I was unable to stay for the entire 4-5 hour meeting so I don't know the status of the remaining 10 districts under review. Maybe someone else does?)
(editor note: others were also accepted on the list.)
The State Historic Property Tax Reclassification Program is designed to aid residential and commercial entities that seek to maintain and/or rehabilitate National Register-certified properties. The non-income producing portion of the program offered a reclassification of property effectively reducing up to fifty percent the tax assessment for owners of buildings listed on the National Register of Historic Places. The owner of the property enters into a 15-year agreement with the state under which the property must be maintained according to the Secretary of Interior's Standards for Rehabilitation and must be used for non-income producing purposes. The non-income producing component aids property owners who are rehabilitating commercial properties by freezing their tax base for ten years. This allows property owners to make improvements that will increase the usage and value of the building without significant property tax increases. Again the owner must maintain the property according to the Secretary of Interior's Standards.
Useful and accurate information provided:
http://azstateparks.com/SHPO/propertytax.html Follow this link to the State Historic Preservation Office web site and follow the instructions for filing application for a property tax reduction......all of the forms can be downloaded and a fairly easy to understand.
Other Coronado Residents in the Historic Overlay may also be eligible for this Tax incentive. Follow this link HERE to read what Eric Vondy of the Arizona State Parks?State Historic Preservation Office posted as a informational response to a conversation thread on the Central City Discuss 9/7/2008.
Again Congratulations Brentwood Neighborhood. Remember I believe this year has a June 30th deadline for application......