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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1. What is the difference between Titusville’s Register of Historic Places and the National Register of Historic Places?
2. Can my property be included in both Titusville’s Register of Historic Places and also in the National Register of Historic Places?
3. Are any historic properties in Titusville on the National Register of Historic Places?
4. Does my property qualify for tax benefits if it is in the National Register of Historic Places?