Senate Bill 26-005

This bill establishes a comprehensive set of financial incentives to support the preservation, rehabilitation, and long-term maintenance of historic properties across the state. This bill creates a property tax credit equal to twenty-five percent of qualified rehabilitation expenses, establishes a grant program to assist with preservation costs, and provides protections against increased property tax assessments resulting from approved rehabilitation work. These measures are intended to reduce the financial burden associated with maintaining historic properties while encouraging investment in culturally and architecturally significant structures.

The bill also creates a tiered homestead-style property tax exemption for owner-occupied historic properties, with increased benefits for low- and moderate-income households and properties located in rural or underserved areas. In addition, the bill establishes a property tax assessment freeze for qualifying seniors who have long occupied historic homes, ensuring stability for residents on fixed incomes. Together, these provisions promote equitable access to preservation incentives, support long-term homeownership, and help ensure that historic properties are maintained for future generations.