Greendale's designation as a National Historic Landmark brings more than prestige and a shiny plaque to the Village of Greendale. The designation also provides new tax breaks for homeowners of Greendale “original” homes.
A 25% Wisconsin tax credit is now available to owner-occupants of historic structures like Greendale “original” homes.
To be eligible, homeowners must spend at least $10,000 within a two year period on exterior work on homes such as roof replacement and painting. It also includes electric wiring, plumbing, mechanical systems such as furnaces, air conditioning and water heaters.
If you cannot meet the $10,000 minimum investment requirement within the two-year period, when you apply, you may request a five-year expenditure period. For more information on what qualifies, please click here.
A tax credit is a dollar-for-dollar reduction in what you actually owe in taxes. In this program, for example, if you were to spend $20,000 on eligible work, you would receive a $5,000 credit against what you owe in state income taxes. If you cannot use the full credit in a given year, you can carry the unused credit into the following years until you use it up. This program does not affect what you owe in property taxes.
In addition, there are Federal income tax incentives available for donating easements and for rehabilitating income-generating historic buildings like the old Police and Fire Station. Federal grants through the Historic Preservation Fund are also available to municipalities, businesses and other groups for asbestos abatement and other restoration.