To support the preservation of historic properties, there are a couple of very important incentives that help to mitigate costs and upkeep. The site must first be officially designated as a historic landmark by the Waco Historic Landmark Commission and then it is under their preview for inspection along with the guidance of the State Historic Preservation Officer. The exact wording of the code is listed below for how these exemptions are applied. They can greatly contribute to the ability of a new venture to expand upon its potential.
Incentives for Owning a Historic Property
- Ad Valorem Tax Exemption: Any property which has been designated as a historic landmark shall qualify for an exemption of City ad valorem taxes, provided that the historic landmark has been determined by the City Council to be a historically or archaeologically significant site in need of tax relief to encourage its preservation. The tax exemption shall exempt from City ad valorem taxation any increase in the assessed value of the building or structure and the land necessary for access and use of the building/structure following the designation by the City Council for a period of 10 years.
- Permit Fee Refund: After the property has been improved so as to be eligible for a tax exemption, the owner may file an application with the Planning Services Department for refund of permit fees together with a copy of the certificate of the historic preservation commission showing that the property has been granted a tax exemption. Within 30 days of receiving the application for permit fee refund and the City verifies that the property owner is eligible for a refund, the City shall refund the city, building, electrical, mechanical, plumbing, or sign permit fees which were paid for work on the project. This refund will be made to the party who owns the property at the time of the refund.
These significant breaks are the primary way the city can support the viability of preservation practices and the adaptive reuse of structures that need more regular maintenance. Additional information can be found in the official City of Waco Historic District and Land Zoning Code Section 28-1141.
Certificates of Appropriateness
In addition to monetary benefits that help prevent gross errors and ensure best practices, the incentive of requiring certificates of appropriateness to make major changes to a historic landmark is also essential in the process. It may seem cumbersome but it ultimately protects the site and aids rehabilitation. No demolition may be carried out in any form without approval and significant architectural changes are only allowed if justifiable or appropriate. Counsel of this kind can be beneficial and be what keeps responsible parties in check. Additional information can be found in the official City of Waco Historic District and Land Zoning Code Section 28-1143 and 1144.