Valuation Incentive Program (VIP)

Freezes your assessed property evaluation for eight years after you’ve rehabilitated your building. Your property taxes increase by 25% each year for four years after the initial eight years. Your county will assess your building at its full value after twelve years. We call it a long-term savings plan.

 

Your property must be listed on the National Register of Historic Places before your project begins.

 

Has a 3-part application process. Use these instructions when completing the application.

 

Is your building eligible?

 

Is it listed on the National Register of Historic Places? Or is it locally landmarked in your town?

 

Is your property taxable?

 

Will the cost of your building’s rehabilitation be 25% or greater than your property’s assessed value?

 

Will you complete your project during a 2-year period?

 

Are you interested? Contact us.

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