The establishment of the value and effective protection of historical ruins comprises a subject of rising interest, as evidenced by an increasing amount of research involving several disciplines. In Bangladesh, debates on the relevance of such abandoned, degraded, deformed, or empty structures—unlike other intact monuments in heritage studies—rarely take into account the attitude of the locals towards these ruins. Analyzing the case of Dinajpur Rajbari, Bangladesh, the paper intends to explore the value ascribed to historic ruins by the surrounding community. The study uses a case study approach built on Mason’s value typology, which has widely contributed to the identification of the significance of heritage sites. Using a mixed research method, data were collected through field observation, semi-structured interviews, and focus group discussions with 100 respondents selected from members of the local community. The article concludes by informing policymakers and heritage conservators of the position of community perception and promoting its integration into the development of management policies for these historical ruins.