LEADER LISTING The Leader • Saturday, April 27, 2019 • Page 1B
Historic site tax exemptions benefit citizens, city By Adam Zuvanich azuvanich@theleadernews.com Some of Houston’s wealthiest property owners have taken advantage of tax exemptions that save them money on improvements to their homes and businesses. City leaders want to help the less fortunate get richer as well. The Houston City Council, which in 2015 lowered the threshold for tax exemptions related to investments in historic sites, made another amendment to the longstanding program last month. A greater benefit is now offered to owners of single-family homes in qualifying census tracts in which the poverty rate is at least 20% or the median family income for such tracts does not exceed 80% of the metropolitan-area median. For those owners of sites designated as landmarks, protected landmarks or contributing structures within a Houston Historic District, qualifying investments of at least 100 percent of the building’s value will equate to more than a dollar-for-dollar exemption. “The council has long complained that people who live in very high-income neighborhoods, a la River Oaks, are designating their property as landmarks, investing in their property and getting this super exemption,” said Margaret Wallace Brown, interim director of the city’s Planning & Development Department. “The coun-
cil really wants to make sure that this program is a benefit to the city as a whole and not just wealthy property owners.” The lower-income census tracts include Acres Homes, Independence Heights and the western part of Oak Forest as well as the far northeastern part of the Heights, where there are many other designated landmarks. For the aforementioned single-family homeowners, along with owners of multi-family and commercial structures, their exemption equals the Harris County Appraisal District value on Jan. 1 of the year following the completion of construction. Eligible expenses include repair or reconstruction of structural components such as walls, windows, floors, doors and cooling and heating systems, along with lighting and plumbing fixtures, electrical wiring, stairs and interior sprinkler systems. Construction, labor, materials and professional services also qualify. If an owner spends $100,000 on a structure valued at $100,000, for example, its initial improved value will be the basis for annual exemption over a period of 15 years. The improved value would be deducted from the annual appraised value, with the remainder serving as the structure value to be taxed. For qualifying expenses between 25 and 99 percent of See Tax P. 2B
290
45
10
Landmark Protected Landmark Historic District (City of Houston) Qualifying census Tracts* *The Qualifying Census Tracts are those Low-Income Community (LIC) tracts with populations that have at least a 20% poverty rate and income of 80% of the AMI or lower.
Source: U.S. Department of the Treasury
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Contributed photo Boulevard Realty, a longtime community staple, is moving to a new home in the heart of the Heights and will now set up shop at 927 Studewood St.
floor which is open to all. Here neighbors and guests can commune, relax, work, share, drink, and play in a unique setting designed to bring out the best in all of us.” Baldwin continues, “The traditional and non traditional spaces provide what amounts to about 4000 square feet of space to share with the community, for everything from local makers markets to events for political and social causes dear to us all.” The company’s first events are slated to be a Mother’s Day Market on May 9 and then one of the only public booksignings for longtime Houston news anchor Dave Ward’s new release Good Evening, Friends on May 16. The impressive upstairs office space will balance modern amenities for its agents and clientele with the unassuming look of an old warehouse. That means vintage furniture is paired with the likes of new modern desks by Knoll. The space includes a nearly 2000 square foot outdoor terrace as well, inviting all to work and play outdoors as a part of the shared community space. “The Heights is known for historic architecture and its evolution from working-class neighborhood to artist haven to now a quirky style of urban luxury,” Baldwin muses. “From our use of old Houston brick to multiple murals commissioned by local artists, I’ve tried to tie all of that in.” When asked why he would mount such a sizable brick-andmortar space in an increasingly virtual industry, he explains succinctly, “I think people want to meet, connect, and interact intimately and offline still. We crave experiences and togetherness—it’s only human. And it’s definitely the Heights way.”
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To some, the Heights of today is a far cry from the Heights that Bill Baldwin found when he started his real estate career here over 20 years ago. “Sadly, there was no way you could get many real estate firms to see past the burglar bars to even show the amazingly intact bungalows here. Some firms wouldn’t take a listing on this side of I-10, much less think of opening an office here,” recalls Baldwin, recently dubbed “The King of the Heights” by the Houston Chronicle. “I always have taken enormous pride in calling the Heights ‘home.’ Collectively, as a neighborhood, we have had to work hard to tell the evolving story of the Heights, not only as a location with a great past but one with an even brighter future,” Baldwin reflects. In many ways the growth and recognition of the Heights as a neighborhood for all parallels that of Boulevard Realty. Now, after 20 years here, Baldwin and Boulevard Realty are starting to write part of the next chapter. On May 1, the Broker/Owner, his 60 agents, and 18 staff members will relocate to a new office as the main tenant of 927 Studewood, home of innovative restaurant and health concepts like Mastrantos and Pure Prosthodontics Dentistry. There Boulevard Realty will continue playing out the unique brand of real estate that Baldwin feels is intrinsically tied to its surrounding area. “It’s not a cookie-cutter office, because our neighborhood is not a cookie-cutter place,” proclaims Baldwin. “This new space really embodies our broader culture around Houston living, homes, food, society, and historic neighborhoods. Much of that history will be written in the future!” Baldwin describes the culture of Boulevard Realty as a close-knit group of tireless proponents of all things real estate who are keen neighborhood advocates that value community in every sense. To him, the new space is built around those ideals. “We will have all of the trappings of a modern, boutique real estate office, including the Classroom, where I will continue to develop who I believe are the most knowledgeable agents in the city and offering to share those resources with the rest of the city.” Baldwin adds, “But what I am equally excited about is the new YourSpace, an innovative co-working and community space on the ground
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