There are a number of potential rights that someone may hold in real estate. In law school, these rights are often described as a “bundle of rights” that can be collected or separated out like a bundle of sticks. Similarly, you have a “bundle of rights” or tools that can be used individually or altogether to save historic places in the United States.
Rights Enforced by Government:
- Property (or district) listing on the National Register of Historic Places
- Property (or district) listing on a state register of historic places (where available)
- Property (or district) listing on a local register of historic places
Rights Exerted by Private Parties:
- Preservation Easements
- Federal Income Tax Credit for Rehabilitated Historic Properties
- State Income Tax Credit for Rehabilitated Historic Properties (not available in all states)
- Local Property Tax Assessment Freeze (not available in all states)
- Revolving Funds
While this is not an exhaustive list, these are the most commonly used “rights” or tools for saving historic places in the United States. If there are important tools that you think I missed, then let me know! In the next few PreserveLaw.com blog posts, I will be focusing individually on some of these rights. If there are some in particular that you would like to know more about, then let me know as well.
Clint Tankersley is a Georgia attorney specializing in cultural heritage law. Read his bio here.