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These covenants are designed to encourage the rehabilitation or maintenance of historic residential or commercial properties. Each covenant lasts for nine years and begins the year following approval by the Board of Tax Assessors. Both covenants require property to be listed either by the Georgia Register or the National Register of Historic Places. In both cases, the property value is frozen for eight years on the tax digest. This frozen value will be the higher of the acquisition cost of the property or the assessed value at the time the application is submitted to the Board of Tax Assessors. For the ninth year, the assessment splits the difference between the frozen value and the current fair market value. Up to two acres of surrounding land can be included in these historic covenants. A breach of the covenant requires that any accrued tax savings must be paid back to the governing authority.
Requires the property be rehabilitated within two years of application according to Department of Natural Resources specifications. Rehabilitation must increase the fair market value according to Board of Tax Assessors by 50% for residential, 75% for mixed-use, and 100% for commercial properties.
Requires that the property be locally designated by the county as Historic property. No rehabilitation requirements are necessary under this provision.
** For more information on Historic property applications or qualifications in Athens-Clarke County, please contact the Historic Preservation Planner with the Planning department at (706) 613-3515.