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Scenario 3 : The entire 12 . 77 - acre parcel is designated (and therefore protected from encroaching <br /> development) , but the Phelps ' continue to farm, choosing the tax situation that offers them the <br /> most value . <br /> Use Acres Use value Assessed value <br /> Wooded 2 $200 $400 <br /> Pasture 8 . 77 $ 144 $ 1 , 263 <br /> $ 1 , 663 <br /> Take historic abatement ' <br /> Homesite 2 $ 3 , 960 $ 7 , 920 <br /> House value $ 32 , 963 <br /> Outbuildings $ 12 , 490 <br /> $ 53 , 373 <br /> Taxed wl 50 % Historic abatement $26 , 686 .50 <br /> Total property TAX value $28 , 349 <br /> Orange Cty tax rate $ 08009420 <br /> . .... ...... . ............ .. ... ........... .. . ..... ....... . :.. ..... ..... . ............... :. . . ...._ ;.,..-. .. . . ;...Y .;y:Y3^r':c.;..;;y-^::c:: T::::Y3•_r> ,;.3.r. .. iil?:r.3_£.5,_.1...£_•e'j�.i:::j':,i.,..:':rc':; <br /> . . . r.._....;r ; r ... . ?^.�,i>-::va..0 _ , _, ;.rr:3s rti . .:,s.Y si<, : 5 ��,t,S :• .;::l:T <br /> III . . . _ _ . _.. . _ -. ,; " j° <br /> Tax. b �_ . .C. , . ..QS <br /> 2. <br /> It <br /> National Register Benefits <br /> Income tax credits <br /> Properties on the National Register are eligible for income tax credits for certain <br /> restoration costs . <br /> • Income_producing buildings <br /> ible for tax credits if they rehabilitate an income-producing <br /> Property owners are elig <br /> building (the outbuildings , in the case of the Phelps Farm) . Tax credit regulations require <br /> that renovations meet the U. S . Secretary of the Interior ' s proscribed standards . Tax <br /> credits may be taken on costs equaling $ 5000 or the property ' s basis , whichever is <br /> greater. (Basis = acquisition price — accumulated depreciation + improvements . ) If the <br /> renovations meet the standards , then the owner may claim a 20 percent tax credit on both <br /> their federal and North Carolina taxes . <br /> • Non income-producing building (ie , owner- occupied home) <br /> Property owners may claim a 30 % tax credit on their North Carolina taxes if they spend a <br /> minimum of $ 25 , 000 in approved renovations over a period of 24 months . The tax <br /> credits are spread over at least five years , and can be extended over ten years . The <br /> improvements must have prior, approval from the State Historic Preservation Office in <br /> order to claim the tax credits . The rehab of the residential building must conform to the <br /> Secretary of the Interior Standards for historic rehabilitation . <br /> For example , if * a property owner spent $ 25 , 000 on approved restorations on their home , <br /> they are eligible to claim $7500 in tax credits over five years , at $ 1500 per year . <br /> 7 <br />