Did you know there are tax incentives available to historic properties?
In Peak’s Suburban Addition, property owners doing or planning on doing rehabilitation work on their properties are eligible to receive an exemption from the city portion of their property taxes for 10-years!
For example, if you have a house worth $100,000 if you spend $25,000 on rehabilitation of the house, the city can zero the city portion of your property taxes, which amounts to savings of about 1/3 of your tax bill!
Qualified expenditures include labor and materials for interior or exterior repair or replacement of features that help preserve a structure, such as, but not limited to, roofing, windows, sheetrocking, carpentry, electrical, plumbing, mechanical, flooring, and replacing fixtures such as sinks, bath tubs and toilets.
Just doing a little work? There’s an exemption for you too.
Find more information here on the Dallas City Hall website.
Contact Tracey Cox at the City of Dallas for more information.
(214) 670-3052 or tracey.cox@dallascityhall.com