The damaged Sears Mansion in Salt Lake.

Tax Credits Could Help Repair Historic Homes

The owners of historic homes damaged in the 5.7 magnitude earthquake that shook the Salt Lake valley on March 18 might qualify for a tax credit for some of the repair costs.

As detailed in a recent Salt Lake Tribune story, more than 100 historic buildings were damaged in the earthquake. The damage was heavily focused in the downtown area of Magna, Salt Lake City’s westside, and an area in the Liberty Wells district near 500 East and 2100 South.

The Tribune focused on that Liberty Wells area for their story, including the extensive damage to the historic Sears Mansion on Westminster and 500 East.

The owner of another home in the area said estimates for repairs to their home could approach $300,000. Like most homeowners in Utah, they did not have earthquake insurance.

Many homeowners, however, can qualify for a state tax credit of 20 percent for repairs done to historic homes. Essentially, the credit can be earned for work totaling more than $10,000 over a three-year period. Full details can be found on the State History website.