Historic Districts: 15 Frequently Asked Questions, Part 2

Q. My home is in a proposed Historic District. What will its establishment do to my property values?

A. We don’t know for every individual case. But the evidence from other Historic Districts around the country indicates that property values are generally found to stabilize or increase.

Mill Rehabilitation Bill; A brief introduction.

The past few years have brought about many changes to the Thomasville community. Many of the furniture plants that were full of workers are now idle or partially used as indoor flea markets. Last year the North Carolina General Assembly passed House Bill 474 known to some simply as the “Mill Rehabilitation Bill.” This bill helps revitalization efforts in communities with vacant or partially vacant industrial sites. Eligible sites may apply for tax credits on qualified rehabilitation expenditures in amounts of up to 40 percent on the expenditure.

In case studies by Preserve North Carolina the per-square-foot cost of rehabilitation is far less than new construction. Their studies also mention that while cost of materials is higher in new construction, while rehabilitation cost are often have higher labor cost. Money spent on labor is often reinvested in the community when workers spend money at local stores and restaurants.

Along with the Mill Rehabilitation Bill, many of downtown Thomasville’s buildings may receive similar tax credits because of their inclusion in the National Register Historic District. Income-producing historic properties may qualify for a 20% state tax credit and 20% federal investment tax credit.

With these tax credits business owners and the City of Thomasville has greater opportunity to engage in revitalization efforts in the downtown area. The rehabilitation potential of idled industrial buildings can also preserve our identity and cultural heritage as a community with deep roots in furniture manufacturing.

Owners that wish to file applications are encouraged to contact the Thomasville Historic Preservation Commission for assistance.

Highlights From the Feburary Meeting

The memorial plaque for the American Legion Hut was on display for Commission members to view. Built in the Kinneywood development the American Legion Hut was a popular gathering spot for local dances, picnics, social events and community activities for many years. Arrangements are being made for a dedication ceremony following installation of the plaque near the site of the hut.

There was a brief discussion on remarks made during the Thomasville City Council annual retreat. It had been reported in three local newspapers of an idea to tear down vacant industrial buildings and replace with newer construction. The commission has responded with letters to the Mayor and City Council on the availability of tax credits for rehabilitation projects.