THE ECONOMIC EFFECTS OF FORM-BASED CODES: A PARCEL LEVEL ANALYSIS OF NORMAN, OKLAHOMA’S CENTER CITY FORM-BASED CODE DISTRICT

Abstract

Form-based codes (FBCs) are increasingly used to guide urban form and support economic development, yet empirical research on their economic effects remains limited, particularly at the parcel level. Using parcel-level property tax and assessment data, this study examines the economic outcomes of the Center City Form-Based Code District in Norman, Oklahoma, through a combined longitudinal and cross-sectional analysis that evaluates both changes in the district’s tax base over time and how market value is distributed across ownership types and locations.The findings indicate that the district experienced substantial and accelerating growth in property value over time; however, this growth is not evenly distributed. Market value is disproportionately concentrated among entity-based and non-local owners, particularly out-of-state investors, who control a larger share of total value and are more strongly associated with higher-value and newer development. These results suggest that while form-based codes may be associated with increased property tax and support economic growth, the benefits of that growth are unevenly distributed across ownership groups. The study contributes to a broader understanding of zoning as a framework that shapes not only urban form, but also how zoning decisions directly affect patterns of investment and the distribution of economic value.