While market values is not the only benefit of historic preservation it is one that is important to all homeowners. Here is a few items mentioned in the study conducted by the Government Finance Officers Association of the U.S. and Canada on the economic impact of historic preservation in Georgia. http://www.uga.edu/gapc/images/Economic%20Benefits.pdf
"In Athens, a study of seven neighborhoods found that over the period 1976 to 1996, the average assessed value for a sample of properties in two districts with both national and local historic designations grew by nearly 48 percent. This average rate surpasses the growth rates for properties in three non-designated neighborhoods, which increased by nearly 34%."
"Preservation activities are not the only factor that enhance economic viability, and historically-designated properties do not always increase in value faster than similar properties without such designation. On the whole, however, these studies do provide evidence that historic designation is an important factor in creating value for property owners. Property values have generally kept pace with, and in some cases, exceeded those of comparable non-designated properties."
Saturday, June 23, 2007
Historic preservation and market values
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1 comments:
Are the LHD neighborhoods in the referenced study comparable to the Oakhurst district? In most of these studies the homes are either in a state of blight and historic designation is an incentive to rehab them as an investment. They are also usually lovely old Victorian mansions or the like build by the wealthy of their time. In most cases like ours, the houses decrease in value until all have been refurbished. At that point the value begins to rise and so do the taxes. Decatur taxes are about the highest in the state so increases are a serious issue to many of our neighbors - particularly for our older citizens on fixed income.
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