The Rufus M. Rose House was listed in the National Register of Historic Places in 1977 and designated as a Landmark Building by the city of Atlanta in 1989.
The only challenge in purchasing would be having to maintain its historical design. Additionally, all renovations have to be approved by the Atlanta Urban Design Commission.
The good news is you can get state and federal preservation tax incentives to fix the place up. Those incentives are:
- The Federal Rehabilitation Investment Tax Credit is a federal income tax credit equal to 20 percent of qualified rehabilitation expenses, available for income-producing properties, with no cap on expenses.
- The Georgia State Income Tax Credit Program for Rehabilitated Historic Property a state income tax credit equaling 25 percent of qualified rehabilitation expenses capped at $100,000 for a personal residence, and $300,000, $5 million or $10 million for all other properties.
- The Georgia Preferential Property Tax Assessment Program for Rehabilitated Historic Property allows eligible participants to apply for an 8 1/2 -year property tax assessment freeze at the pre-improved value.
- A charitable contribution donation can be taken in the form of a conservation easement, and enables the property owner to receive a one-time tax deduction. A conservation easement ensures the preservation of a historic building's façade in perpetuity.
Also, Historic Atlanta Inc. will donate five hours of consultation to help the new owner file for tax credits.
An assessment report in 2016 estimated the cost of rehabilitating the house to be $1.3 million to $2.2 million. But a buyer could expect to receive about $400,000 in federal tax credits and about $500,000 in state tax credits.
The Rose House is listed with Keller Williams Realty. Realtor Stacia Oberweis is the listing agent.
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