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Benefits of Historic Restoration
Recognizing the public benefit of Preserving Historic Landmarks to the community, the City of Palestine has made a tax relief program available to qualifying property owners.
The City of Palestine has determined that there is the need for tax relief to encourage reinvestment, preservation and renovation. In order to accomplish this goal, tax abatement on part of the assessed value of historic structures once they have been restored or renovated, as well as other forms of incentives are necessary:
In accordance with state law, the city council finds that any building, site, or structure which meets the definition of a landmark may be given tax relief for a period of five years to encourage preservation. Such properties which are substantially rehabilitated or restored as certified by the HLC and approved by the city tax assessor-collector, may have an assessed value for ad valorem taxation.
If you are considering substantial rehabilitation or restoration of your historic building, contact the Historic Preservation Officer for details concerning the tax relief program.