Costa Mesa Real Estate Corner…

Q. Are there any tax incentives for refurbishing an historic property?

A. Yes, you may be eligible for state and federal tax incentives.  Tax credits are only one option. Some homeowners qualify for property tax reductions.  Others can get a federal income tax write-off if they don’t make changes that are not incompatible with the property’s historic character.

Some 24 states offer tax credits. For further information, visit the National Trust for Historic Preservation’s web site at www.nationaltrust.org/funding.   To see if local incentives are also available, check with your county or municipality.

The federal government also offers assistance for income-producing properties (not residences). There is a tax credit for 20 percent of the cost of rehabilitating a government-certified historic property, or 10 percent for any structure built before 1936.

If you buy an historic home for $100,000 and turn it into one worth a million, there will be a big property tax hit. But some states offer abatements. Georgia, for example, freezes real-estate taxes for eight years on historic properties that have increased at least 50 percent in value.

Whether or not incentives are available, most people who refurbish historic property do it for personal satisfaction and to preserve our architectural heritage.

If you have any questions, or are in need of capable and caring representation, please call me at 877-957-6677

Kurt Galitski

Meet Kurt Galitski - The Kurt Real Estate Group, your new best friend. Distinctive Strategies that Deliver Record-Setting Results. When you combine Kurt’s passion and knowledge of the real estate market, you really gain an appreciation for what makes Kurt different. But what truly sets him apart from the crowd are his 5 distinctive strategies and his property management… For Kurt, getting into real estate was not an accident, it was a deliberate and calculated decision to deliver a better experience to home buyers, sellers, and landlords that they have ever received before. Today, you could ask any one of hundreds of clients, read his Yelp reviews, or look at his track record of being featured in Orange Coast Magazine in excess of eight consecu­tive years and you too will say mission accomplished. www.KurtRealEstate.com www.KurtPropertyManagement.com 877-957-6677

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