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The Historic Rehabilitation Tax Credit offers property owners substantial incentives for private investment in preservation. The rehabilitation tax credits are dollar-for-dollar reductions in federal and state income tax liability for taxpayers who rehabilitate historic buildings. Buildings listed in the National Register of Historic Places and the Virginia Landmarks Register or certified as contributing to a historic district are eligible.
Contact the Virginia Department of Historic Resources Regional Office at 757-396-6709 or visit www.dhr.state.va.us.
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| | Baron's Pub at Historic Downtown Suffolk | - The cost of the rehabilitation must exceed the owner's basis in the building or $5,000, whichever is greater.
- The credit is 20% of the eligible rehabilitation expenses.
- Income-producing properties: The cost of the rehabilitation must be at least 50% of the assessed value of the year preceding the rehabilitation.
- Owner-occupied properties: For rehabilitations completed after January 1, 2001, the cost of the rehabilitation must be at least 25% of the assessed value of the building in the year preceding the rehabilitation.
- The credit is 25% of the eligible rehabilitation expenses.
- Businesses looking to improve the appearance of their property within an approved master-planned area of the city can take advantage of our Suffolk Facade Improvement Program and receive up to 50% of the total cost:
- To a maximum of $10,000 for improvements to a building's facade.
- To a maximum of $5,000 for new or restored fencing.
- To a maximum of $2,000 for new or restored signs.
- To a maximum of $1,000 for design services of a licensed architect to design a building's facade or store front.
- Contact Suffolk Downtown Development Director at 757-923-2016 for more information.
- The City of Suffolk gives partial exemption from real estate taxes for qualifying rehabilitated real estate. For those properties that qualify, the initial increase in the real estate assessment caused by rehabilitation will be excused for 10 years.
- The building should be at least 25 years old.
- The building should be improved to increase the value of the structure by at least 60%.
- Improvements made on vacant land are not eligible.
- All appropriate building permits should be obtained and the application for exemption filed with the City Real Estate Assessor.
- The building should be at least 25 years old.
- The building should be improved to increase the assessed value of the structure by at least 40%.
- The total square footage of the structure cannot be increased by more than 15%.
- Improvements made on vacant land or the total replacement of a structure are not eligible.
- All appropriate building permits should be obtained and the application for exemption filed with the City Real Estate Assessor.
- Contact Suffolk Downtown Development Director at 757-923-2016.
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