Historic districting has numerous benefits, to the property owner as well as those in the surrounding area, that are both tangible and intangible.

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Let's start with property values: Numerous academic studies of historic district designation from across the country have shown that home values in and nearby historic districts tend to appreciate more rapidly than in other comparable areas. Here are just a few from Rockford, IL, Baton Rouge, LA, and Louisville, KY.

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In Park Ridge, an historically designated property becomes eligible for a Floor-Area Ratio bonus, which can mean hundreds of additional square feet in living space in the case of an addition. See Article 23-3-5, 23-4-5. (As noted here, historic designation does not prohibit additions to a property, but merely provides for an additional process to make sure any exterior alteration subject to public view is in keeping with what makes the property historically significant.)

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Designated properties are also eligible for the Illinois Property Tax Assessment Freeze program that is administered by the State Historic Preservation Office. This program allows an owner of a designated property who undertakes a large renovation project to freeze their property tax assessment at the pre-rehab fair market value for 8 years, followed by a 4-year step-up period.

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Finally, historic designation is a source of pride and peace of mind, ensuring that homes with significant historic and architectural significance will be protected, now and into the future.​