Historic property

From the 2024 DOR Tax Exemption Study

82.29A.130(17) - Historic property Description All leasehold interests in property owned by a municipality or the federal government, listed on a federal or state historical register, and located within a designated national historic reserve are exempt from leasehold excise tax. Purpose To support the social benefits provided by publicly owned historical sites. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.242 $0.248 $0.254 $0.260 Local Taxes $0.212 $0.217 $0.223 $0.228 Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.186 $0.254 $0.260 Local Taxes $0.000 $0.163 $0.223 $0.228 Assumptions - This repeal takes effect July 1, 2024, and impacts nine months of collections in fiscal year 2025. - Rental growth will mirror the growth of the Consumer Price Index over the last five years. Data Sources - National Parks Service - The Historic Trust - Census Bureau, Consumer Price Index Additional Additional Information Information Category: Government Year Enacted: 2005 Primary Beneficiaries: Lessees of historical property within