Otsego County has the 5th highest usage rate of the NYS Homeowner Historic Preservation Tax Credit Program, which results in:
better maintained and more comfortable homes,
more work for local contractors,
retaining our communities’ strong sense of place,
and
tax credits—and sometimes refunds—for homeowners.
There are various tax credits available to homeowners and business owners within National Register Historic Districts, or whose property is listed individually on the National Register of Historic Places and is located in an eligible census tract. In Otsego County, we are fortunate to have a significant number of properties that are listed as contributing structures in National Register Historic Districts, or are listed individually, and all census tracts are eligible.
“Otsego 2000 is well educated on the application process. They actually sat with us and walked thru each question, while filling in the application to the specifications needed to gain approval. It would have been too intimidating to attempt on our own. We replaced our roof due to a leak. We are now painting the house and fixing foundation issues. This has been a welcome program to aid in repairs as we are on a fixed income. ”
If you own an old house or storefront that is located within a historic district, you may be eligible to obtain the New York State Homeowner or Commercial Rehabilitation Tax Credits. The Homeowner Tax Credits amount to 20% of the eligible rehabilitation costs, provided you follow guidelines in rehabilitation. A minimum of $5,000 must be spent to qualify, and 5% of the total amount must be spent on the exterior. Importantly, projects must be pre-approved in order to receive the tax credit.
Emergency Repairs
If you have emergency repairs due to storms, frozen pipes, leaking roofs, broken heating systems, fire, etc., and want to take advantage of the Historic Homeowner Tax Credit Program, it is extremely important to take photos of the damage and then immediately contact Otsego 2000 (607.547.8881). We will help expedite your application with the State Historic Preservation Office (SHPO).
Commercial property owners planning substantial rehabilitation to a listed storefront or commercial building (including rental housing) may qualify for the Federal and NYS Commercial Historic Tax Credits. The Federal credit is 20%, while the NYS credit is 30% for projects under $2.5 million (20% if over that amount). Again, projects must be pre-approved so it is important to begin the tax credit application process early.
Next Steps and More Information
Please check out the links below. If you know you qualify and are ready to apply for the NYS Homeowner Historic Tax Credit, you can apply online on the New York State Parks, Recreation and Historic Preservation website.
Not sure if you qualify or need assistance? Call us at 607.547.8881 or send an email. Otsego 2000 offers this service free of charge, though donations are always welcome.
“We learned about the NY Historic Preservation Rehabilitation Tax Credit from our Otsego 2000 friends. Ellen and the staff guided us through the multiple forms needed for submission. It can be a complicated process, but Otsego 2000 made it simple and seamless for us. Whether you have a small or large rehabilitation project, you may qualify for a significant TAX CREDIT. Thank you, Otsego 2000!”