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Historic Development – Luna Park Historic District


Benefits of a Historic District Designation

Increases property values: According to research conducted by the National Park Service, historic district designation typically increases residential property values by 5-35% per decade over the values in similar, undesignated neighborhoods.

Protects the neighborhood from extreme market fluctuation: Local historic district designation decreases investor uncertainty and insulates property values from wild swings in the housing market.

Provides financial incentives: Most properties in a designated historic district can access tax credits for qualified rehabilitation work on their properties.

For income producing properties (commercial and rental residential), the federal credit is equal to 20% of the capital investment in the building and the state credit is equal to 25% of the capital investment in the building. So combined, the owner of a historic property can get 45% of their investment back in the form of tax credits.

In West Virginia, the Rehabilitation Tax Credit Program provides state income tax credit for the rehabilitation of historic private residences. This is a 20% state income tax credit based on qualified expenditures undertaken as part of the rehabilitation of a historic private residence.

These programs are tax credits, not tax deductions. Rather than reducing the amount of your income subject to taxes, a tax credit gives you a dollar-for-dollar reduction of your tax liability. Determine what ou own in income taxes and pay with the tax credits you’ve earned by rehabilitating your historic building.

Stabilizes the neighborhood: Tax credits provide alternatives to demolition of historic homes, thereby providing stability to the built environments of neighborhoods.

Increases home ownership: Historic district designation leads to increased levels of home ownership, and longer residence by both homeowners and renters.

For more information on historic preservation efforts in Charleston, Contact the Charleston Historic Landmarks Commission at 304.348.8105.

There are a lot of misconceptions about what it means to own a historic home.
Here’s a breakdown of what the Luna Park Historic District designation actually means for you.

What a listing on the National Register of Historic Places does:

– It provides recognition of a property’s significance in history, architecture, archaeology or engineering
– It provides limited protection when a property is endangered by a state or federally funded or licensed action.
– It provides the owner of income producing property (commercial or rental residential) the opportunity to receive Investment Tax Credit for “Certified Rehabilitation”*
– It provides the owner of a private residence with the opportunity to apply for a Rehabilitation Investment Tax Credit on state taxes, if a rehabilitation is certified.*
– It provides the owner the opportunity to apply for matching grants-in-aid for restoration/rehabilitation when funding is available.

What a listing on the National Register of Historic Places DOES NOT do:

– It DOES NOT restrict the use of the property. An owner can continue to live in a listed house, convert a listed property to another use, or conduct new construction on the site.
– It DOES NOT restrict the sale of a property.
– It DOES NOT prohibit alteration or even demolition of the building.
– It DOES NOT require that any specific guidelines be followed in a rehabilitation.*
– It DOES NOT require the owner to give tours of the property or open it to the public.
– It DOES NOT guarantee perpetual maintenance of the property.

*If a property owner wants to take advantage of the financial incentives available to owners of designated historic properties, rehabilitation must be done according to the Secretary of the Interior’s Standards for the Rehabilitation of Historic Structures. It is important to contact the Tax Credit Coordinator of the WV State Historic Preservation Office at 304.558.0240 or online at www.wvculture.org before beginning any work for which you hope to receive tax credits.

Choose your street below to see if your address is a historically contributing building.

Berkeley Street
Delaware Avenue
Elm Street
Glenwood Avenue
Grant Street
Hall Street
Kanawha Boulevard West
Lovell Drive
Main Street
Park Avenue
Park Court
Park Drive
Simms Street

About This Website

This project is a collaboration between the West Side Neighborhood Association and the City of Charleston, and has been made possible in part by a 2019 grant from The Greater Kanawha Valley Foundation.

Is My Home Historic?

CLICK HERE to enter your home’s address and see if there are any historic credits you can take advantage of for updating your home.

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