The City of Suffolk gives partial exemption from real estate taxes for qualifying rehabilitated real estate. For those properties that qualify, the initial increase in the real estate assessment caused by rehabilitation will be excused for 10 years.
Find out more about the financial incentives available for historic resources. The Virginia Department of Historic Resources (DHR) administers both the state and federal rehabilitation tax credit programs.
The Federal Historic Preservation Tax Incentives program is administered by NPS in partnership with the Internal Revenue Service and State Historic Preservation Offices (in Virginia, DHR). This program provides a percentage income tax credit for the rehabilitation of eligible income-producing properties.