Tax Credits for Historic Properties

The State of North Carolina has a program for tax credits for historic preservation and rehabilitation of historic buildings. Here are some highlights of the state tax credit program:

The State offers 30% state tax credits for qualifying rehabilitation /restoration of "non-income producing" historic structures.   20% state tax credits are offered for rehabilitation/restoration of “income producing” historic structures that also qualify for the 20% federal investment tax credit. Combined, these credits can mean a 40% return on costs of a certified rehabilitation of an “income producing” historic building.

Purchasing an historic property as an owner-occupied personal residence in one of Salisbury, North Carolina's TEN Nationally Registered Historic Districts may qualify you for this tax credit!

Key things to note about the state tax credits:

• Only certified historic structures will qualify for the credits. A “certified historic structure" is defined as a building that is listed in the National Register of Historic Places, either individually or as a contributing building in a National Register historic district. In general, these structures are identified in the National Register nomination reports for each of Salisbury’s historic districts. Copies of these reports are on file at the Rowan Public Library.
• The rehabilitation of the historic structure must be substantial. For non-income-producing properties, the rehabilitation expense must exceed $25,000 within a 24 month period. For income-producing properties, the rehabilitation expense must exceed the greater of the "adjusted basis" of the building or $5,000 within a 24 month period or a 60 month period for phased projects.
• All rehabilitation work must meet the Secretary of the Interior's Standards for Rehabilitation.
• Property owners are strongly advised to consult with the State Historic Preservation Office before beginning a rehabilitation to resolve potential design and rehabilitation problems that could result in denial of the credits.
• The credits cannot be claimed against the cost of acquisition, new additions, site work, or personal property. Only costs incurred in work upon or within a historic structure will qualify. Interior work such as HVAC work and kitchen and bathroom remodels will qualify if the work meets "The Secretary of the Interior's Standards for Rehabilitation."

c. 1852 Thomas T Maxwell House

For more information about North Carolina State Tax Credits, contact the State Historic Preservation Office in Raleigh at (919) 807-6585 for “income-producing” properties or (919) 807-6574 for “non-income producing” properties. The North Carolina State Preservation Office website (www.hpo.ncdcr.gov/credits.htm) was the source for much of the information in this fact sheet.

To see the many and beautiful historic homes for sale available now in Salisbury that qualify for the NC Preservation Tax Credit, call Greg Rapp at 704.213.6846 today!

429 Park Avenue ~ Wonderfully Restored Victorian ~ History is in your future!

429 Park Avenue in Salisbury North Carolina is a shining example of how a house can be transformed and in doing so, transforms the neighborhood!

This circa 1900 Folk Queen Anne Victorian has been meticulously restored.  The current owners, Garth & Belinda Birdseye, have a knack for restoration and missed no details.  They not only have a passion for old homes, they spend much of their time delving into the restoration of these oft forgotten treasures.

The" restoration" of an old home is very different from a "renovation." The difference between a restoration or a renovation is the care and effort to keep things original. The 429 Park Avenue project is a full restoration/rehabilitation.  As an example, in a restoration the porch is built back to the porch it was originally. However, in a renovation a porch might be left as a sun room and just made to look up to date. Restoration uses materials that would have been used back in that time period such as heart of pine flooring, historically correct paint colors, etc.

Original features

429 Park Avenue architecturally is a one-story Queen Anne complete with many original features to the home.  Original heart pine floors, unique to this region, and original moldings have been restored in many rooms to a soft gleam.  (5) original coal burning fireplaces boast original mantels, beveled mirrors, tile work, and iron screens. Many original lighting fixtures are in place.  Of the (3) updated bathrooms, (2) still have their original deep porcelain claw foot bath tubs!  Many of the doors have original hardware.  What isn't original to the home, the Birdsey's had milled to match.

Perfect for entertaining

429 Park Avenue is a spacious dwelling with over 2300 square feet of living space.  In addition, a 500 square foot wrap-around front porch is the most identifying feature of this specimen home, a wonderful area for entertaining or just relaxing.  The porch is decorated in Victorian style with spindles and millwork. 

Through the front doors you'll find a large central hallway and an immense living room, all with 11-foot ceilings and large bay windows.  The hallway, with its large arched glassed transom, further takes you to the dining room complete with original built-in cabinetry.

An adorable kitchen has been completely renovated. It features all new appliances, bead-board walls, and a new ceramic tile floor.  Off the kitchen are a convenient breakfast room or mud-room ~ a sunny and cheerful back entry to the home ~ AND a walk-in pantry!

The gardens, recognized with the City of Salisbury's Landscape of the Month Award for June 2011, feature ever-blooming roses and 80-year old Japanese maples surrounded by period iron fencing.  A very private side yard is a wonderful place for al-fresco dining and entertaining.


Modern features

With an over 100-year-old home that features so many original details, you may fear that modern conveniences may be missing.  Not so!  The restoration of 429 Park Avenue included insulated walls, and entirely new heating/cooling systems.  The electric and plumbing systems have all been updated.  Garth and Belinda Birdseye renovated this home to live in, and to uplift the neighborhood, not to "flip" as is often done today. 

The home features (3) full bedrooms and (3) full baths.  The sun-bathed Master Bedroom has a master suite for a quiet sitting area.  The master suite could also be another bedroom or office space.  (2) of the bedrooms feature walk-in closets.  You won't find that in every 100+ year home!

The kitchen was completely rebuilt with high end cabinetry. new appliances, and easy-glide drawers.

Location, location, location

Click on the map to see a better location view

429 Park Avenue is located in one of Salisbury North Carolina's (10) historic districts ~ the Park Avenue/Long Street district in the heart of the city, just (5) blocks from historic downtown Salisbury, shopping, entertainment, art, and restaurants.  Less than (1) mile to the east you can hop on Interstate-85 and be anywhere in no time flat!  The I-85 junction holds more opportunities for shopping, restaurants, movie theatres, and services.  (3) blocks away is the Amtrak station ~ you are just a short train-ride away from Raleigh, the State Capitol. (1) block from the home is the charming Cannon Mills Park, named thus for the historic Cannon Mill (Kesler Mill) circa 1895 that was located to the east of Park Avenue. 

Price

You will not believe your eyes and ears when you hear the sticker price for 429 Park Avenue!  If you are thinking you cannot afford an original historic home with so many updated features, you are mistaken!  This house is an affordable gem that will reward its owners for years to come.  Let's call it reverse-sticker-shock! 

Call Greg Rapp today at 704.213.6846 to get your reverse-sticker-shock for 429 Park Avenue.  History is in your future!


For more photos and information, visit these web-pages:

https://www.facebook.com/home.php#!/media/set/?set=a.193121517399612.51193.100001052965053

http://www.oldhouses.com/cf/displaylisting.cfm?q_listingid=8367&searchlist=3956,8307,6351,8211,4765,8173,8328,8182,4149,8244,7322,5922,8074,2310,8397,8367,3912,6536,7115,6725,7640,7848,7993,8231,6594,632,8035&searchname=Listings%20In%20North%20Carolina&searchdest=%2Fcf%2Flistinglist%2Ecfm%3Fq%5Flistingstate%3DNC%26searchname%3DListings%2BIn%2BNorth%2520Carolina%26startrow%3D1%26maxrows%3D25