Is it true that when rehabbing/investing in historical buildings, the govt gives you tax credit, which is better than tax reduction? Why is this? Any insight would be great. Thanks
You have to check with your local city offices on a lot of these tax incentives. I received a three year tax exemption on a house that I did an extensive remodel on and that saves me about $2K per year for 3 years. We have a historic district in town that offers a 5 year exeption. My house was three blocks away. I had to petition the city council as a formality.