149 KENILWORTH AVE, KENILWORTH, IL JOHN MAWICKE
“The character of a historic home is established in the entertaining spaces.” — SUSAN BENJAMIN
WHAT DO PEOPLE MISUNDERSTAND about historic homes?
That they can’t function like new homes. It is entirely possible to integrate updated systems, handsome new kitchens and baths, and smart-home technology into older homes. The character of a historic home is established in the entertaining spaces: living rooms, dining rooms, libraries and entries. The kitchens and baths were service spaces. Changes to these areas are encouraged. Today, people want them to be showpieces, and you can absolutely have a home with both beautiful and functional spaces. ARE THERE FINANCIAL INCENTIVES for restoring historic homes? The most significant incentive is the Illinois Property Tax Assessment Freeze, which freezes the assessed value of a historic home at its level when the rehab work begins. The
freeze runs for eight years, and then gradually increases over the next three years. There is 11 years of a tax benefit, and that is a substantial savings. To qualify, a home must be a designated local landmark, listed on the National Register of Historic Places, or a contributing building in a historic district. You must meet a spending threshold of 25% of the assessor’s market value. And the work must follow preservation guidelines. Many homes on the North Shore qualify, and even modern houses now can be considered historic.
149 KENILWORTH AVE, KENILWORTH, IL JOHN MAWICKE
ASPIRE ON THE SHORE // 61
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