Yes. However, any significant changes to a historic landmark must be reviewed and approved by the Charlotte-Mecklenburg historic Landmarks Commission through a Certificate of Appropriateness.
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Maybe. There are 3 initial criteria tests:
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.
The demolition of an historic landmark may be delayed for up to 365 days by the Historic Landmarks Commission.