Since 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.
State Tax Credits
The State of Texas offers a Historic Preservation tax credit for the rehabilitation of certain historic properties. More information on the State Historic Preservation Tax Credit is available here.
Federal Tax Credits
In addition to state and local incentives, the federal government provides tax incentives for the rehabilitation of certain historic properties and for historic preservation easements. Information on both of these programs is available here.