The Valuation Incentive Program (VIP) is a long-term saving plan that freezes your assessed property valuation (at the prehab value) for 8 years after you’ve rehabilitated your building. Your property tax valuation will incrementally increase to the new assessed value (by 25 percent each year) for 4 years after the initial 8-year freeze period. Your county will assess your building at its determined full value after 12 years. The freeze will remain in place if the property changes ownership.

1. Your property must be listed on the National Register of Historic Places either individually or as contributing to a historic district. Buildings locally landmarked by a Certified Local Government also qualify.
2. Your property must be taxable (includes commercial, residential, and owner-occupied properties).
3. The cost of the rehabilitation must be 25-percent or greater of the “base-year” assessed value of the property. The base-year is the last assessed value of the property at the time an application is submitted to the Nebraska Historic Preservation Office.
4. A Part 2 application describing the proposed work must be submitted before work begins. Failure to do so will result in a denial.
5. All work must be completed during a 2-year period (exceptions can be made when the size of the project is such that a good faith attempt to complete rehabilitation in 2 years is not possible).
6. All work on the interior and exterior of the property will be reviewed.
7. If a property is within the twelve year valuation period, it cannot apply for the VIP. A new application may be submitted once the twelve year period has lapsed.
8. Income producing properties and/or owner occupied single family residences are eligible for the VIP program.
9. A farmstead can potentially apply for the VIP. However, the freeze only applies to the farmstead and not the agricultural land.

Applicants should consult with an accounting or tax professional prior to applying for the VIP in order to determine if participation in the program will result in a benefit to the applicant. In addition, applicants are encouraged to consult early and often with the NeSHPO in the planning stages of the project in order to learn and understand the historic preservation standards utilized in the evaluation of applications.

Please read the VIP instruction thoroughly before starting the application process. If you have any questions, please consult with the NeSHPO.

Please understand that the application for the VIP is a three-part process. All three parts will need to be completed for the application to be considered finished. Each part of the application is listed and detailed below.

Download the instructions here.

Download the application form here.