Tax Incentives for Historic Preservation

Sarasota County has enacted an ordinance to assist property owners of designated structures. At this time, the City of Sarasota has no specific tax exemption for historic properties or their restoration. The National Trust for Historic Preservation assists property owners in qualifying for federal tax exemptions for historic properties.

The Tax Exemption Ordinance:
Sarasota County's tax exemption regulation, Article V of Chapter 66 of the Sarasota County Code, allows property owners to apply for an exemption on the increase in the assessed value attributed to qualifying improvements to historically designated properties. The exemption applies to county ad valorem taxes for a period up to ten years.

The tax exemption ordinance provides several benefits:

o Exemption from county ad valorem taxes
o Free design assistance from the County Historic Preservation Board
o Transferability between owners for a period of up to ten years

Eligible improvements to real property include:

o building additions
o window replacement
o site improvements
o removal of historically incompatible materials

The application is developed in concert with county preservation staff.

Final design review and approval is conducted by the County Historic Preservation Board in accordance with established guidelines for historic rehabilitations.

The final decision to grant or deny the exemption lies with the Sarasota Board of County Commissioners.

Here are a couple of examples:
An addition was completed on a historically designated property on the Siesta Key waterfront. The construction value of this large addition was $65,000. The result was an increased assessment on the improvement of $72,000. At the current millage rate of 3.93, this property owner would save $283 annually with the tax exemption.

A historic structure on Cocoanut Avenue in downtown Sarasota underwent a major rehabilitation after a fire. The construction value of the remodeling was $88,000. And resulted in an increased assessment on the improvement of $79,000. This property owner would save $310 annually with the tax exemption.

How does a homeowner apply for the tax exemption?
Applications are available from:

Sarasota County History Center
701 North Tamiami Trail
Sarasota, FL 34236
Phone: (941) 861-1180
Fax: (941) 316-1117
General Manager:
David Baber