Earlewood to Pursue National Register Historic District Designation
The City of Columbia Planning Department and ECCO will pursue a National Register of Historic Places district designation for Earlewood. Listing on the National Register would positively impact the neighborhood by allowing qualifying property owners to take advantage of tax incentives when they improve their historic properties. Repairs to historic homes can be much more expensive than repairs to newer properties. By listing Earlewood on the National Register of Historic Places, owners of contributing properties built before 1964 would be eligible to receive a 25% State Historic Rehabilitation Tax Credit on qualifying exterior and interior repairs to structural systems, plaster walls, HVAC, plumbing, and wiring, architectural and engineering fees, and energy efficient upgrades. Property owners who make qualifying repairs to contributing properties will also be eligible for a tax abatement program known as the Bailey Bill. This program allows homeowners to freeze their property taxes at the pre-rehabilitation fair market value for 20 years.
Please note that review and approval by the State Historic Preservation Office for the tax credit and review and approval by the city’s Design/Development Review Committee for the abatement will be required before work begins! Designation as a National Register Historic District would be a wonderful opportunity for Earlewood property owners – and for potential buyers who are considering a purchase in the neighborhood. To find out more about the process and the National Register of Historic Places, please contact us at info@earlewood.org.
Important Information
- The National Register of Historic Places DOES NOT put any restrictions on your property.
The National Register is an honorific designation that provides incentives to preserve properties, but does not limit the actions of private owners. - National Register designation allows owners of contributing properties to apply for tax credits for rehabilitation work.
To take advantage of available preservation tax credits, owners WILL have to have their work reviewed and approved in advance by the State Historic Preservation Office. - National Register designation can help protect Earlewood in the event of a Federal project.
Any projects that use Federal money will have to mitigate any negative impacts that the proposed project would have on the neighborhood/contributing properties. - The National Register Designation could have positive effects on your property value. Studies have shown that properties located within locally designated historic districts are in general worth more, appreciate faster, and retain more of their value than properties located outside the district.
Links for More Information
- National Register FAQs from SHPO: http://shpo.sc.gov/programs/natreg/Pages/FAQ.aspx
- Tax Credit and Abatement: http://shpo.sc.gov/programs/tax/Pages/Homeowner.aspx
- Tax Credit and Abatement: http://www.richlandonline.com/Government/Commissions/ConservationCommission/HistoricPreservation/BaileyBill.aspx
- Tax Credits: http://shpo.sc.gov/pubs/Documents/htln1112.pdf
- Tracing your home’s history: http://shpo.sc.gov/pubs/Documents/htln812.pdf
- Is There a Highway Project in your Future?: http://shpo.sc.gov/pubs/Documents/htln310.pdf