An individual taxpayer who purchases or rehabilitates a single-family residential property for their primary place of residence is exempt from up to $10,000 of personal income tax liability.
Any taxpayer that purchases, leases, or rehabilitates residential or commercial property for any business or investment purpose is exempt from any tax on income derived from the business or investment location.
HISTORIC PRESERVATION & RENOVATION TAX CREDIT
A credit of 25% of an investment is allowed for the preservation and renovation of eligible historic property that is part of a zone project up to a maximum of $250,000.
This credit is against state tax liability as determined by the Century Code. This credit may be claimed in the year in which the preservation or renovation is completed. Any excess credit may be carried forward for a period of up to five years from the date of investment.
A municipality may grant a partial or complete exemption from ad velorem taxation on single-family residential property for five years, excluding land value , if the property was purchased or rehabilitated by an individual for the individual's primary place of residence.
A municipality may grant a partial or complete exemption from ad velorem taxation on buildings, structures, fixtures, and improvements purchased or rehabilitated as a zone project for any business or investment purpose not to exceed five taxable years.