What is the benefit of historic designation?

The main benefit of historic designation is an automatic deferral of 50% of property (Ad Valorem) taxes on those portions of the property which have been designated as an historic landmark.

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1. Can my property be designated for historic landmark status?
2. What is the benefit of historic designation?
3. What is the designation process?
4. Once designated, can I make any changes?
5. Can I demolish an historic landmark?