Sometimes there are advantages to getting old. Especially when that which is aging is a building that has achieved historic designation.
About 30-35 owners of homes and buildings in the village’s newly-established Historic District met at the Methodist Church last week to hear about tax incentives available to owners of historic properties.
Bryan Lijewski, architectural coordinator for Michigan’s Historic Preservation Office, was on hand to answer questions and offer information about tax breaks for owners who make improvements to their historic buildings.
Sponsored by the Lake Orion Downtown Development Authority, the free program was one of many DDA Director Lois Golden hopes to bring to the community in coming months.
Golden explained that portions of the village achieved placement on the National Registry of Historic Places in August. As a result, efforts are moving forward to educate building owners so they can make the most of tax incentives made possible through the new status.
Among the available benefits are state tax credits of up to 25 percent to property owners who make improvements or renovations to their buildings.
Golden said indoor or outdoor improvements qualify, adding that federal tax credits of 10-25 percent are also available, assuming certain specific criteria is met.
‘Historic preservation is an important aspect of economic development,? said Golden. ‘Not everyone knows about or understands the value or benefits of preserving these buildings.
‘We think that if we can help our business and building owners improve their structures — and find them tax breaks at the same time — that’s a good way to serve the community.?
Golden said in addition to those who attended the meeting, several others who could not attend expressed interest in the program.
‘The turnout was good,? she said. ‘There were other people that either phoned or e-mailed seeking more information.
‘There are a lot of incentives out there, but this can be complicated. There is a lot of information to be digested.?
Teri Hockstead of Abacas Accounting was one of those who wants to stay informed of tax incentives being offered to owners who upgrade their properties.
‘This was a real good program that is beneficial to the community,? said Hockstead. ‘The incentives are considerable and we have a lot of potential clients who can benefit from this information.
‘I think the owners of historical buildings and homes in the Historic District owe it to themselves to investigate these opportunities,? she added. ‘I’m going to do the best I can to learn more about this so I can provide information to our customers.?
For more information, call the Lake Orion DDA office at 248-693-9742 or e-mail to: office@downtownlakeorion.org.