Tourism and Economic ImpactsSince the 1970s, studies conducted by the National Trust for Historic Preservation, statewide Main Street Programs, state-level tourism and economic impact studies have shown that:
- Creation of historic districts stabilizes and often increases residential and commercial property values.
- Historic building rehabilitation, which is more labor intensive and requires greater specialization and higher skill levels, creates more jobs and results in more local business than new construction.
- Heritage tourists spend more money and stay longer than non-heritage tourist.
- Historic rehabilitation and designation encourages additional neighborhood investment.
- Historic districts foster distinctive, attractive places that have a “Sense of Place”.
Local Tax Incentives
A locally designated landmark is eligible to apply for tax relief of city taxes for improvements, renovations or restorations to the structure which represent 10% of the value of the property and which improvements extend the life of the structure. Additionally, all properties located in Local Landmark Districts receive a 20% reduction in the City's assessed ad valorem taxes.