FOR IMMEDIATE RELEASE:  Oct. 12, 2007
CONTACT:  Kate Divis, (605) 773-6005

State Historical Society offers property tax moratorium

PIERRE, S.D.  – A new application is available from the South Dakota State Historical Society for the eight-year state historic preservation property tax moratorium for restoration and rehabilitation made to historic sites.

The deadline for application is Nov. 1. There were 23 properties from across the state approved for the program by the State Historical Society board of trustees last year.

“These approvals are significant because if an historic building qualifies for the tax benefit, an eight-year delay is placed on the property tax assessment of any certified improvements,” said Jay D. Vogt, State Historical Society director and state historic preservation officer. “Property tax assessments may not be increased due to certified rehabilitation of the building.”

The State Property Tax Moratorium is available for buildings listed on the National or State Register of Historic Places and rehabilitated in accordance with the Secretary of the Interior's Standards for Rehabilitation. The moratorium places an eight-year freeze on the property tax assessment; during the eight-year period, the property tax assessment may not be increased due to the certified rehabilitation work undertaken on the building.

The property tax moratorium is an example of how history can have an economic impact on the state, in line with the 2010 Initiative, Vogt added.

For more information about the State Historic Preservation Property Tax Moratorium, contact Kate Divis with the State Historical Society at (605) 773-6005 or visit the society’s Web site at www.sdhistory.org.