For how long is a rehabilitated historic property classified with specific provisions for determining its fair market value?

A rehabilitated historic property is classified for a period of eight years with specific provisions for determining its fair market value. This classification is part of efforts to encourage the preservation and rehabilitation of historic properties. The eight-year period allows for a consistent assessment approach, taking into consideration the unique attributes and the historical significance of the property within that timeframe. This timeframe can help both property owners and appraisers in establishing a fair market value that reflects the property’s restored condition while acknowledging its historic value. Over time, this allows for the property to transition into the broader real estate market without the specific provisions linked to its rehabilitated status.