Agenda - 05-26-1998 - C-2(a-d) - Laserfiche WebLink

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upturn in the growth of the tax base, as predicted in the 1996-97 annual budget. Furthermore, if the property is inappropriately altered or demolished, the owner must repay three yeazs of back taxes, with interest. Finally, limited funding and documentation requirements will pace the designation process. Even with an annual appropriation of $10,000 proposed for a historic preservation fund, only 3-5 sites would likely be designated in a given yeaz. 5 Benefits of Landmark Designation There aze numerous benefits to owners of designated landmarks, particularly those also listed on the National Register of Historic Places. National Register listing is a prestigious honor for a property deemed important to the Nation's heritage. National Register sites receive extra consideration and protection in the planning of federally funded projects such as highway construction, public housing projects, or state-planned projects that involve licensing and funding by the federal government. Owners of incoming-producing National Register sites may also be eligible fora 20% federal income tax credit for rehabilitation projects. In June 1997, the General Assembly enacted a 30% state income tax credit for expenditures to rehabilitate historic structures. This tax credit can apply to owners of historic structures that aze non-income producing properties; i.e., owner-occupied residences, who undertake at least $25,000 of certified rehabilitation work within a 24- month period. Another provision of the new legislation allows owners of incoming- producing National Register sites to piggyback a 20% state income tax credit onto the 20% federal income tax credit. The statute takes effect January 1, 1998. Local landmark desi nag t~provides a higher level of protection than National Register listin ag lone, effectively protecting the historic resource against inappropriate changes that would lessen its significance. Landmark property owners can take pride in knowing their property is important to the heritage of Orange County. Owners of locally designated landmazks benefit substantially from the fifty percent deferral of property tax, which remains in effect as long as landmark status is maintained. They also may avail themselves of the expertise of Historic Preservation Commission members and restoration professionals at the State Historic Preservation Office, who can provide technical assistance and information. Local landmazk designation gives the property owner additional consideration when major subdivisions aze proposed on adjacent properties, in accordance with the Flexible Development provisions of the County's Subdivision ordinance. A local landmark designation program can result in many benefits to the community, most immediately the protection of our most treasured historic resources. Local designation does not prohibit changes to properties - it simply protects against inappropriate exterior changes that aze incongruous to the chazacter of the landmark. Likewise, local designation does not prevent the demolition of a landmazk, but it does 4