Our house is from the early 1900s and the taps were the originals when they installed city water back in 1920. The city is going to be the general contractor and pay for the replacement direct and we'll pay them back at like 3.5% interest over five years via our semi-annual taxes. My understanding is that they often forget to flag "capital improvement" loan repayments as non-direct taxes so the amount often gets included in your total tax burden, hence a potential tax break. Just glad we're doing it now instead of when the ground is frozen.
Thanks MDS. I'll check with H & R Block.
