||| FROM RON WHALEN |||
Is the connection between property values and property taxes too much to grasp? The Land Bank fealty expound on the other causes of rising property taxes but neglect to address the sentence below taken from the Land Bank web site.
Being near conservation land boosts property values by up to 20% according to multiple analyses
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It’s kinda like owning a waterfront piece, or adjacent to a national park, or living adjacent to Moran St. Park. In such a case it makes sense that one’s land value would go up because the area is more desirable. It would be like the opposite of living in a busy town, or next door to a short term vacation rental (which negatively impacts neighborhoods and causes neighboring properties to be less desirable).
The trade off for living adjacent to a Land Bank preserve is having the quiet, the beauty, and knowing that it won’t be developed. I wish that I did.
Actually, a more recent study, “Impact on property values of distance to parks and open spaces: An update of U.S. studies in the new millennium” by
John L. Crompton and Sarah Nicholls (2020, Journal of Leisure Research, 51:2, 127-146), analyzed 33 previous studies an found that: “The results suggested a premium of 8%–10% on properties adjacent to a passive park is a reasonable point of departure”. rather than the 20% published previously. Even those numbers depend on the specifics of the situation like the size of the open space and size of the private property, as well as the distance between the two.