When thinking of purchasing a home in an HPOZ area, it's important to consider the benefits and restrictions of living in a historic area or home.

Benefits of an HPOZ

Property tax relief - One of the great benefits of a home being deemed historically-significant is that you can receive property tax relief through the Mills Act program. In many instances, you can save thousands each year.
Protection from inappropriate alterations - This becomes really important when you have an owner wanting to make unsightly alterations that don't preserve the characteristics and charm of the neighborhood, which can ultimately affect other residence's property values negatively. By ensuring that the neighborhood is preserved, a sense of pride can help boost the overall unity of community.
Better property values - Many studies show that homes in historically-preserved areas tend to sell at higher values and see a higher appreciation rate than similar homes outside the zone.
Expertise and guidance from the HPOZ board - As an HPOZ resident, you have the HPOZ board available to you with their invaluable expertise and guidance when you have questions about exterior changes, historical references, and even referrals to contractors who have experience dealing with historical properties.

Restrictions of an HPOZ

An HPOZ may not work for everyone. While some residents may like the restriction on improvements, others might find it a hassle. Currently, the process to getting approval requires a board review, presentation in front of a board, and City Planning approval. In some instances, approval may take up to 75 days depending on the complexity of the project.

To learn more about the HPOZ process, check out the HPOZ Brochure and Historic Rehabilitation Guide to get more information on living in an HPOZ zone.

If you have any further questions about purchasing or selling in an HPOZ, please feel free to connect with me. I'm always happy to help!