State Historical Society offers property tax moratorium - KOTA Territory News

State Historical Society offers property tax moratorium

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The South Dakota State Historical Society is reminding property owners that Nov. 1 is the deadline to apply for the state property tax moratorium. 

This eight-year moratorium is for restoration and rehabilitation work completed on historic sites during 2012.  A new application for certification is necessary for every year that work is undertaken.

Twenty-nine properties across the state were approved by the State Historical Society board of trustees for the program last year.

"These approvals are significant," said Jay D. Vogt, State Historical Society director and state historic preservation officer. "If an historic building qualifies for the tax benefit because of certified improvements, an eight-year delay is placed on the property tax assessment. The assessments may not be increased due to certified rehabilitation of the building."

The state property tax moratorium is available for buildings listed on the National or State Register of Historic Places and rehabilitated in accordance with the U.S. Secretary of the Interior's Standards for Rehabilitation. 

The property tax moratorium is an example of how history can have an economic impact on the state, Vogt added.  The 29 projects approved for the program in 2011 represented more than $8.36 million in private investment in South Dakota's historic buildings, he said.

 For more information about the State Historic Preservation Property Tax Moratorium, contact the State Historical Society at (605) 773-3458 or visit the society's website at history.sd.gov/preservation and click on Funding Opportunities in the right column.

 

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