Tax Breaks in a Historic District
By the year 2000, you could get back 45% of what you spend on renovating a house in a historic district. Currently, the Federal Government will allow a tax credit of 20% on expenses of appropriate renovation work completed on a structure. The building must be used, in whole or in part, as a business. Additionally, Virginia will, by the year 2000, have tax credits in place for up to 25%. This credit does not have the business requirement attached to it.
Additionally, Lynchburg has a property tax law such that you would not taxed on any improvements that you did to the property for ten years.
Currently, several banks in the Lynchburg area are offering low interest rate loans to people purchasing and/or renovating properties within the Historic Districts.
Now is the time to buy an old house in Lynchburg!
Revised: 8/29/97