Tax Credits
Below are a list of some helpful tax credit programs.
State Tax Credits
Property owners or long-term leases of historic properties in local historic districts may apply for tax credits when undertaking a rehabilitation project. The credit losers the amount of income tax owed.
Qualifying rehabilitation projects in local historic districts are eligible for up to 25% state income tax credit or combined 20% federal and 5% state tax credits. (See Michigan's Historic Preservation Tax Incentives Brochure, or call 517.373-1620)
The State Historic Preservation Office (SHPO) reviews applications for the federal and state tax credits. All project work must conform to the Secretary of the Interior's Standards for Rehabilitation.
Property Tax Relief
Owners who rehabilitate their own homes should consider using the Mathieu-Gast Act, [MCL 211-27(2)] to seek relief from assessments increased because of improvements made to their homes. This law benefits all Michigan homestead property - not just historic properties.
