FAQs • Titusville, FL • CivicEngage

Does my property qualify for tax benefits if it is in the National Register of Historic Places?: Properties may be eligible for tax deductions when they are substantially rehabilitated. The cost of the proposed rehab must exceed the "adjusted basis" of the historic property in order for you to qualify for an Investment Tax Credit (known as an ITC) on your federal income tax statement. The federal government refers to this as "substantial rehabilitation" of the building. The "adjusted basis" is generally the value of the building minus the value of the land at the time of rehabilitation. It is best to consult a professional appraiser to calculate this figure and a tax professional to advise on the requirements for an ITC application.

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Historic Designations - National Register of Historic Places

1. What is the difference between Titusville’s Register of Historic Places and the National Register of Historic Places?: Local designations have special significance to Titusville; a property on the National Register of Historic Places, however, has regional or national significance. The Titusville Historic Preservation Board protects properties that are local designations; it does not have jurisdiction over properties in the National Register of Historic Places unless they are also designated by local ordinance.

2. Can my property be included in both Titusville’s Register of Historic Places and also in the National Register of Historic Places?: Yes. If your property has both local and regional or national significance, it may be designated as a local designation and also listed in the National Register of Historic Places. Once it is designated in the Local Register of Historic Places, alterations to the exterior must be reviewed by the Titusville Historic Preservation Board.

3. Are any historic properties in Titusville on the National Register of Historic Places?: Yes. Currently, there are six National Register of Historic Places including a National Historic District.

4. Does my property qualify for tax benefits if it is in the National Register of Historic Places?: Properties may be eligible for tax deductions when they are substantially rehabilitated. The cost of the proposed rehab must exceed the "adjusted basis" of the historic property in order for you to qualify for an Investment Tax Credit (known as an ITC) on your federal income tax statement. The federal government refers to this as "substantial rehabilitation" of the building. The "adjusted basis" is generally the value of the building minus the value of the land at the time of rehabilitation. It is best to consult a professional appraiser to calculate this figure and a tax professional to advise on the requirements for an ITC application.