The Internal and External Impact of Historical Designation on Property Values |
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Authors: | Coulson N. Edward Leichenko Robin M. |
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Affiliation: | (1) Department of Economics, The Pennsylvania State University, University Park, PA, 16802;(2) Department of Geography and Center for Urban Policy Research, Rutgers University, New Brunswick, NJ, 08901 |
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Abstract: | Designation of historic properties and historic districts is increasingly used as a means to revive central-city neighborhoods and to promote urban economic development. While preservation activities are thought to generate positive externalities for surrounding neighborhoods, these external effects have been difficult to quantify. Using a database of tax-appraisal records for residential properties in Abilene, Texas, this study demonstrates that there are significant, positive externalities associated with historic designation. We perform simple cost-benefit calculations and find that the internal and external benefits more than outweigh the (nonzero) costs associated with historical designation. Moreover, from the city of Abilene's perspective the property-tax incentives provided to historic reinvestment are outweighed by the added property-tax revenue created by the increased value. |
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Keywords: | historic preservation property values |
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