If you spend and amount equal to the value of a historic building on eligible rehabilitation work over twenty-four months, you may be eligible for a property tax freeze at the pre-rehabilitation value for 8.5 years, a 25% state income tax credit and a 20% federal income tax credit. Because of Macon’s rich architectural heritage, we regularly lead the state in tax credit projects, besting Atlanta and Savannah. You must apply for these programs before you start work, and all interior and exterior work is subject to approval by the State Historic Preservation Office. Application expenses are usually around $10,000 for a $1,000,000 project. The credits can be retained to offset tax liability for the owner of the property, or syndicated to produce equity. Syndication usually produces 60%-80% of the value of the credit in equity, net of expenses. NewTown Macon recommends that interested parties contact
Historic Macon Foundation prior to beginning a project