Eligibility Requirements to Receive Tax
Credit
Eligible Properties
- Over 50 years old and historically designated
- On the State Register of Historic Places or is a designated Landmark
in Longmont
Eligible Tax Payers
- Property owner(s) not planning to sell the property within 5 years,
or
- Tenant with lease of 5 or more years
Eligible Project
- Project must involve physical preservation, restoration or rehabilitation
and must preserve the historic character of the property.
- Project must meet the Secretary of Interior's Standards for Rehabilitation.
These standards can be found by calling the Longmont Planning Division,
303-651-8330 or online at Historic Preservation Services.
- Rehabilitation costs must be over $5,000.
- Projects must be completed within 24 months.
- Projects must receive approval prior to beginning work.
Extent of Tax Savings
- Available credit is 20% of rehabilitation costs up to a $50,000 maximum
credit per qualified property.
- Credit directly reduces (dollar for dollar) income taxes owed to the
state.
- Available credit can be carried forward for 5 years.
- For any tax year, reduction in taxes is limited to $2,000 plus 50%
of the remaining taxes owned that year.
