Benefits of listing on the National Register of Historic Places:
• Tax credits (far more valuable than a deduction) are given for qualified rehabilitation expenses spent on a contributing property lying within the district. These tax credits can be used by the owner to offset income tax liability or can be sold on the open market.
• Because these tax credits make rehabilitation efforts much cheaper, they encourage owners to rehabilitate their structures- increasing the value of their structures at a significantly discounted cost.
• Newly rehabilitated buildings increase all property values throughout the district.
• By federal statute, being in an historic district minimizes impacts on an owner’s property from federally funded projects.
• Simply having been listed as a nationally recognized historic area creates an enhanced marketing tool for Morrison downtown businesses to advertise and promote visiting Morrison’s Main Street.
• The more rehabilitation and added historic character adds ambiance to the shopping experience in Morrison, thus snowballing the visitor count.
• A Main Street commercial district with character and historic integrity discourages “big box” development which siphons off local retail tax revenues and undercuts local business owners.
• The national recognition our city’s historical and architectural assets itself develops a sense of community pride- always a good thing for a healthy community.
• There is no legal impediment to an owner making any changes to a building in the district.
To view financial incentives for historic buildings, please click here: Financial Incentives for Historic Buildings Morrison 4-21-15