The Impact of Boise s Parks and Rec System on Property Values

Transcription

1 From the SelectedWorks of Jacobus J. "Jaap" Vos April 21, 2015 The Impact of Boise s Parks and Rec System on Property Values Thomas Wuerzer, Boise State University Jaap Vos, Boise State University Available at:

2 The impact of Boise s Parks and Rec system on property values Thomas Wuerzer, Ph.D. Jaap Vos, Ph.D Wuerzer, Vos, Boise State University 1

3 What is the added economic value that Boise s Parks and Recreation system provides to the City of Boise? 2015 Wuerzer, Vos, Boise State University 2

4 Boise s Department of Parks and Recreation Managed Properties 2015 Wuerzer, Vos, Boise State University 3 3

5 Trust for Public Lands Within 500 feet of a park, 5 % increase in property values 2015 Wuerzer, Vos, Boise State University 4

6 Trust for Public Lands: Applied to Boise with 500ft buffer Only Parks Parks, Greenbelt and Foothills Number of properties 11,749 16,101 Assessed residential property value $ 2,753,040,000 $ 4,274,887,500 5% of value $ 137,652,000 $ 213,744,375 Tax rate* Estimated Annual Tax revenues $ 1,106, $ 1,717, Wuerzer, Vos, Boise State University 5

7 There are some problems with the approach Distance or Access? 2015 Wuerzer, Vos, Boise State University 6

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10 Additional problem Not all parks are created equal 2015 Wuerzer, Vos, Boise State University 9

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12 Impact on Property Values Trust for Public Lands: 500 feet 500 feet 5 percent Park Location 2015 Wuerzer, Vos, Boise State University 11

13 Impact on Property Values Medium size park: Park Location 2015 Wuerzer, Vos, Boise State University 12

14 Impact on Property Values Neighborhood park: Park Location 2015 Wuerzer, Vos, Boise State University 13

15 Impact on Property Values Regional park: Park Location 2015 Wuerzer, Vos, Boise State University 14

16 Additional problem What if you have multiple parks? 2015 Wuerzer, Vos, Boise State University 15

17 Impact on Property Values Park Location Park Location Park Location 2015 Wuerzer, Vos, Boise State University 16

18 Our question: What is the impact of the entire park system on an individual property? 2015 Wuerzer, Vos, Boise State University 17

19 Classified all parks Approach: Mapped all parks and their entrances Mapped the assessed value of all properties Determined the shape of the curve for each park Calculated the travel distance of each property to each park Established the impact of the distance to all parks on the value of each individual property 2015 Wuerzer, Vos, Boise State University 18

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22 Some interesting findings: For some parks the impact is shaped like a donut 2015 Wuerzer, Vos, Boise State University 21

23 Impact on Property Values The donut: Park Location 2015 Wuerzer, Vos, Boise State University 22

24 Some interesting findings: For some parks the impact is shaped like a donut. Large urban parks (Julia Davis, Ann Morrison) and the foothills behave differently Wuerzer, Vos, Boise State University 23

25 Impact on Property Values Foothills and large urban parks are different : Park Location 2015 Wuerzer, Vos, Boise State University 24

26 Some interesting findings: For some parks the impact is shaped like a donut. Large urban parks (Julia Davis, Ann Morrison) and the foothills behave differently. Parks have the least positive impact on property values in roughly the southwestern part of Boise Wuerzer, Vos, Boise State University 25

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28 P = Base + Parks + House + Others Large urban parks and the foothills have an impact on the Base Price and seem to be contributing to overall quality of the community Wuerzer, Vos, Boise State University 27

29 Influence of Boise's Parks and Open Spaces on Property Values Total Study area Outside Boise City of Boise Number of Properties 96,087 30,354 65,733 Estimated Influence $ 853,799,381 $ 266,590,721 $ 587,208,660 Trust for Public Lands $ 213,744, Wuerzer, Vos, Boise State University 28

30 Annual Tax Revenues (estimated) Boise Ada County Other Estimated Influence $ 587,208,660 $ 853,799,381 $ 266,590,721 Tax rate (2013) ~0.004 Estimated Tax revenues $ 4,719,268 $ 2,452,355 $1,066, Wuerzer, Vos, Boise State University 29

31 Conclusions: Access is more important than distance. Different parks have different economic impacts. Large municipal parks and the foothills have an impact on the entire city. The park system has a significant impact on property tax revenue in Boise, Ada County, Kuna and Meridian. The park system affects all properties not just those within a short distance of a park Wuerzer, Vos, Boise State University 30