Historic Preservation

The city of Baltimore is full of historic districts and properties. For those who already own a property or looking to own a home in the most charming historic districts of Baltimore, it is important to be aware of various rehabilitation tax credit programs and historic preservation incentives.

Historic Properties in the City of Baltimore

For important information on the various neighbourhood options in Baltimore City Historic Districts and National Historic Districts Register, you can visit the website of CHAP or Commission for Historical and Architectural Preservation.

Baltimore City government provides you with iMAP feature which helps determine whether the property you are interested in lies within the City, State or National level historic district.

Property Tax Credit for Historic Restoration and Rehabilitation in Baltimore City

This is a ten year program designed to restore and preserve historic properties in Baltimore City. If the historic improvements are necessary and qualified, credit is granted on the basis of the increased property value.

Only residential properties that are based on income are eligible for this program. Properties within local historic areas and located in the national register are eligible. Cost of rehabilitation must be at least 25% of the total property value. Credit that is not used will be transferred directly to the new purchaser of the property.

Restoration and rehabilitation plan must be approved by CHAP prior to beginning the work. Approval is usually based on whether the plan conforms to historic standards. This credit includes foundation rework, air conditioning, plumbing installation, sanding and painting. If any historic components in the house is going to be replaced with vinyl siding or windows, this cost is not covered under the credit. It is in your interest to contact a consultant or CHAP to determine eligibility. For more information and details on this scheme, you can visit: www.baltimorecity.gov/government/historic/index.php

Tax Credit Program for Heritage Preservation in Maryland State

Under this program, income tax credit of up to 20% on renovation costs that is approved is offered for historical structure renovation projects. This program is administered by the State Historical Trust of Maryland.

In order to be eligible for this program, it is necessary for the property to be an income and residential property. Properties that are listed in local historic areas or national register are eligible for this scheme. Renovation cost must be a minimum of $5000. Before starting renovation work, it is necessary to get the plan approved by the Historic Trust of Maryland.

They will review if the rehabilitation plan conforms to standards governing historic preservation. For instance, if you are planning on removing a historical structure from the building to replace it with say, a vinyl siding or window, this part of the plan is not covered under the scheme.

Projects such as foundation reworking, sanding, painting, air conditioning and plumbing are eligible to be covered under the scheme. To have a clear idea on project eligibility, you can take the help of a qualified consultant or the Maryland Historic Trust, which will charge a 1% fee on the tax credit amount for this service.

Detailed information can be found at www.marylandhistoricaltrust.net

Contact us to learn more about these programs.

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