The primary benefit of the Special Valuation program is that during a ten-year special valuation period, property taxes will not reflect substantial improvements made to eligible historic properties. This legislature designates the local review board (LDC) as the reviewing body to read the applications.
A few guidelines to consider:
Applications must be submitted to the County Assessor First, within 24 months of the work being done on the historic property.
Applications must be submitted by October 1, and a determination made by the end of the calendar year, for the process to take affect the following year.