Residential landmarking benefits
There are many great benefits to landmarking your property and working within historic preservation standards when you decide to make changes or additions. Experience has shown that, when a number of owners decide to landmark and preserve their historic homes in a neighborhood, the overall effect may be to increase property values. Owners who take pride in their home, reinvest in it and apply preservation standards contribute to the attractiveness and historic personality of their neighborhood, thereby contributing to the quality and desirability of the area.
Also, if your home is landmarked and you comply with applicable preservation standards, your rehabilitation/renovation expenses may qualify for a 20 percent state income tax credit up to $50,000. This tax credit may help you "go the extra mile" to construct your project in compliance with preservation standards.
Business property rehabilitation benefits
If you own income-producing property that was constructed before 1936, your renovation project may qualify for a 10 percent federal income tax credit. If the income-producing property is eligible for National Register designation, then a 20 percent federal and state tax credit or a charitable deduction for donation of a conservation easement may be available to you. The federal tax program dealing with easements can be complex. You should obtain the assistance of a qualified accountant and architect to determine whether your project may benefit from these federal tax programs. More information in preservation tax credits is available from the Colorado Historical Society.