Historic Incentive Program

How it works

Chesterfield County allows a partial real estate tax exemption for the rehabilitation of structures that are designated county historical landmarks or are located in county historical districts. If approved, the exemption lasts 10 years and transfers with the real estate.

The exemption amount is based on the increase in assessed value attributable to the rehabilitation work. The county says the exemption does not change during the 10-year period.

What the money covers

The program covers rehabilitation of eligible historic structures. The county states that the exemption is limited to a $500,000 increase in assessed value.

How to apply

Apply using the Real Estate Tax Exemption application. Community Enhancement administers the program, with requirements involving Building Inspection, Real Estate Assessments, and the Preservation Committee.

The county’s process includes these steps:

• all improvements must be approved by the Preservation Committee
• appropriate building permits must first be issued by Building Inspection
• within 24 months after the filing date of the building permit application, the property owner may apply for an exemption
• all work must be completed and approved by Building Inspection
• Real Estate Assessments must be notified of completion by December 31 for the exemption to be effective January 1 of the following calendar year

Timing and deadlines

The exemption is effective on January 1 of the year following completion and approval of the rehabilitation work, provided the completion is reported by December 31.

Other notes

• All increases in assessed value while the rehabilitation work is underway are taxable annually until the project is completed and approved.
• If the market value of the qualified real estate falls below the base value in any year, no credit or refund is provided.