Columns:: Study: Property values increase near greenspaces

since 12/15/98

Columns::September 15, 2003

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Study: Property values increase near greenspaces

By Laurie J. Anderson
laurie@ecology.uga.edu

Good news for local governments looking to justify greenspace protection--a recent study has revealed that environmental protection equals additional property tax revenue.
The study, conducted by the Office of Public Service and Outreach at the Institute of Ecology, looked at a variety of greenspace types, including bike and pedestrian trails, parks, tree-protected neighborhoods and lands adjacent to streams protected by Part V of the Georgia Planning Act. It found that, in general, property values rise as a result of proximity to protected greenspace.
Areas studied included Sandy Creek Park in Athens-Clarke County, the Silver Comet Trail in Cobb County and properties impacted by either Fulton County’s tree protection ordinance or Habersham County’s riparian (stream) buffer law. Houses within 1,500 feet of wildlife habitats were found to generate from $70 to as much as $1,566 more per year in tax revenue than similar homes not adjoining such areas.
Such income could offset the loss in local revenue normally associated with protected areas, according to the study’s author, Nanette Nelson, because such lands are often tax exempt or taxed at a lower rate. With this kind of information, local governments that rely on property tax revenue might think twice before developing “unused” land, especially since residential developments, on average, do not generate as much in revenue as they require in services, says Nelson, an economist and policy analyst at the institute.
“Governments also don’t consider the indirect revenue that protected areas can generate,” says Nelson, citing recreational, restaurant and other consumer businesses that prosper near protected greenspaces. “It would be useful to see if that income differs significantly from nonprotected areas.”
The study only analyzed property values and did not make sales tax revenue comparisons for the same areas. The study was funded by an Urban and Community Forest grant administered by the Georgia Forestry Commission.

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