If you are interested in restoring a historic building in Downtown Colville we can connect you to financial and informational resources which make it easier to invest in a historic building that you love. At a high level, if you want to restore a historic building, you may be eligible for:
- a federal tax credit that’s 20% of your restoration investment,
- a ten-year special valuation period where substantial property improvements are not reflected in the property tax valuation, and
- other support in financing or grants depending on the use of building and work you are doing.
Contact us if you want to talk through this in more detail. We’d love to help you make a plan that invests in our history and future.
Washington Main Street Guide for Property Developers
If you want a full overview on Washington Main Street’s approach/support for property developers, there is a guide.
Click to access Main-Street-Guide-for-Property-Development.pdf
Federal Historic Tax Credit
This is a 20% Federal income tax credit on the qualified amount of private investment spent on certified rehabilitation of a National Register listed historic building. The National Park Service is the agency that administers the program at the federal level. The Washington Department of Archeology and Historic Preservation (DAHP) also has an integral role in the application process.
More details: https://dahp.wa.gov/grants-and-funding/federal-historic-tax-credit
Federal Tax Incentives for Retrofitting Fire Sprinklers – new starting 2020
“Section 179 of the U.S. IRS Code allows a small business to write off the full cost of commercial fire sprinkler systems as an expense up to $1.04M. This enables may small businesses to immediately recover the costs of the upfront investment. Those who borrow money to pay for a project can fully deduct the interest expense of the loan.” Get the Guide.
What if my building doesn’t meet modern code?
Colville adopted the International Existing Building Code to make it easier for folks who want to update or restore buildings that pre-date the rules.
https://www.codepublishing.com/WA/Colville/html/Colville15/Colville1504.html
Does putting my building on the historic register restrict what I can do with my property?
National Historic Register
Under Federal Law, the listing of a property in the National Register places no restrictions on what a non-federal owner may do with their property up to and including destruction, unless the property is involved in a project that receives Federal assistance, usually funding or licensing/permitting.
From <https://www.nps.gov/subjects/nationalregister/faqs.htm>
Colville Historic Register
Placement on the register officially recognizes the historical importance of the property. Listing on the register DOES NOT affect future uses of the property. The owner may choose other uses for the property and may remove the property from the register at any time.
https://www.colville.wa.us/pview.aspx?id=35789&catid=462
Colville Special Valuation
The primary benefit of this Washington State law is that during the ten year special valuation period, property taxes will not reflect substantial improvements made to the property.
- City of Colville Historic Preservation Commission – Special Valuation https://www.colville.wa.us/files/documents/HPCSpecialValuation1731044426012523PM.pdf
- Washington State Information: https://dahp.wa.gov/grants-and-funding/special-tax-valuation