Historic Site Tax Exemptions Exemption descriptions...Historic Site Tax Exemptions Exemption...
Transcript of Historic Site Tax Exemptions Exemption descriptions...Historic Site Tax Exemptions Exemption...
Historic Site Tax Exemptions Exemption descriptions as of March 21, 2019
Eligibility Investment Benefit
Qualified Expenses (QE) are between 25% and 99%
of the structures’s value
• Landmarks
• Protected Landmarks
• Contributing Structures located inside a City
of Houston Historic District
Exemption equals QE:
For example:
Starting Land Value = $200,000
Starting Structure Value = $100,000
Investment = $30,000
Exemption (annually/15 yrs) = $30,000
Assuming no other exemptions, the property
owner pays taxes on land value, structure value
(less the QEs) times the tax rate for 15 years.
Qualified Expenses (QE) equal or greater than 100%
of the structures’s value
• Landmarks
• Protected Landmarks
• Contributing Structures located inside a City of
Houston Historic District
EXCEPT: For single family structures that meet the
above criteria, they must also be located within
Qualifying Census Tracts, defined as Census Tracts
in which the poverty rate is at least 20% or the
median family income for such tract does not
exceed 80% of the metropolitan area median
family income. (see map on back)
Exemption equals the HCAD value on January 1 of
the next year:
For example:
Starting Land Value = $200,000
Starting Structure Value = $100,000
Investment = $200,000
Year 1 Improvement Value = $225,000
Exemption (annually/15 yrs) = $225,000
Assuming no other exemptions, the property
owner pays taxes on land value, structure value
(less the HCAD value on January 1 of the first year
after the improvements are complete) times the
tax rate for 15 years.
For the purpose of this ordinance, Qualified Expenses (QE) are:
1. Restoration performed pursuant to a certificate of appropriateness (COA) granted under the Historic
Preservation Ordinance;
2. Repair or reconstruction of the historic portion of the structural components, which includes parts of a
building such as walls, partitions, floors, ceilings; windows and doors; all components of a central air
conditioning or heating system, whether within or adjacent to a building, including motors, compressors,
pipes and ducts; plumbing and plumbing fixtures, such as sinks and bathtubs; electric wiring and lighting
fixtures; chimneys; stairs, escalators, and elevators; interior sprinkler systems; fire escapes; and other
components relating to the operation or maintenance of a building;
3. Interior remodeling of the historic portion of the structure's paint, flooring, permanent coverings such as
paneling or tiling;
4. Professional services such as architectural, engineering, and other development fees; and
5. Construction management and labor, materials, and reasonable overhead.
Historic Site Tax Exemption
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ISource: U.S. Department of the Treasury Date: March 1, 2019
0 5 102.5Miles
Interstate HighwaysMajor Highways
Historic District (City of Houston)
Houston City LimitQualifying Census Tracts*
Protected LandmarkLandmark!
!
*The Qualifying Census Tracts arethose Low-Income Community (LIC) tracts with populations that have at least a 20% poverty rate and income of 80% of the AMI or lower.