Date of Award
5-2024
Document Type
Thesis
Degree Name
Master of Science (MS)
Department
Historic Preservation
Committee Chair/Advisor
Amalia Leifeste
Committee Member
Kristopher King
Committee Member
Brittany Lavelle Tulla
Committee Member
Richard Sidebottom
Abstract
The historic rehabilitation tax credit, in its many forms, is the single greatest driver of historic preservation investment in the United States. Despite this, very little research has been done regarding the secondary effects of historic tax credit leverage. The goal of this thesis is to assess the impact that substantial historic tax credit projects have had on the value of the properties that surround them in the state of South Carolina. Property tax assessment records were solicited from three different county governments within South Carolina to analyze the change in the assessed value induced by the introduction of tax credit projects. The data demonstrates that the properties located within 1,000 feet of the tax credit project appreciated at rates over two-to-three-and-a-half times greater than the rest of the properties in the cities in-which they were located following the tax credit rehabilitation. Four of the six case studies reflect the trends observed in the established literature wherein properties experienced greater rates of appreciation with increased proximity to tax credit-leveraging sites (those within 500’). Two of the six case studies demonstrate an inversion of the expected behavior wherein the properties in the fringe impact zone of the tax credit project experience greater rates of appreciation than the properties located nearest to the rehabilitated parcel (those between 500’ and 1000’ versus those within 500’). This study is significant as it represents the first comprehensive study of the broader impacts of historic tax credit-use ever conducted in the state of South Carolina and because it contributes to the limited body of literature that explores the impact of tax credit-leverage and its impact on property values.
Recommended Citation
Sutton, John, "The Catalyst For Preservation: Assessing the Impact of Historic Tax Credit Leverage on Surrounding Property Values in the State of South Carolina" (2024). All Theses. 4309.
https://open.clemson.edu/all_theses/4309
Included in
Economics Commons, Historic Preservation and Conservation Commons, Urban, Community and Regional Planning Commons