Impact of Streetscape Projects on Property Taxes There is little concrete evidence supporting that streetscape projects directly relate to change in property taxes but these improvements tend to be part of the bigger picture that can affect property tax. When used in conjunction with traffic calming elements, bike lanes, effective sidewalks, and access to public transportation streetscape plans will positively raise property values and thus their taxes. The National Complete Streets Coalition supports this statement and a study published by Local Government Commission’s Center for Livable Communities states1 2: “One study found that a 5 to 10 mph reduction in traffic speeds increased adjacent property values by roughly 20%. Another study found that traffic restraints that reduced volumes on residential streets by several hundred cars per day increased home values by an average of 18%.” By creating more walkable streets, large cities were to expect an increase in real estate values of the next 25 years. Additionally, the City of San Francisco published a report that found by improving street vitality and planting more trees, both values in residential and commercials areas would see a rise in value3. The Main Streets Program in California found that the average city that participated in their program saw commercial property values increase 167% 2 and a study done by the City of Concord, NH, assessed that with their combination of incentive programs and streetscape project they would see an 8% property value benefit in years 10-20 4. By creating an improved streetscape program, cities are sparking a snowball effect that will alter the future of their property tax 5. The bottom line seems to be that by creating attractive streetscapes in conjunction with promoting more forms of transportation and connectivity to the surrounding area will make the area more desirable for future development, visitors, and citizens and in time will raise the property value.
1. http://www.smartgrowthamerica.org/complete-streets/complete-streetsfundamentals/factsheets/economic-revitalization/ 2. http://www.sfbike.org/download/bikeplan/bikelanes.pdf page 15 3. http://www.sfplanning.org/ftp/BetterStreets/docs/Draft_BSP_for_Adoption_6_Streetscape_Elements.pdf page 7 4. http://www.concordnh.gov/DocumentCenter/View/1790 5. http://www.preservationnation.org/main-street/main-street-news/2009/december/a-newstreetscape.html
Other sources with good info: http://documents.scribd.com.s3.amazonaws.com/docs/bnp4mimm81hufdk.pdf http://www.lgc.org/resources/community-design http://www.advocacyadvance.org/docs/economic_benefits_bicycle_infrastructure_report.pdf http://www.smartgrowthamerica.org/documents/cs/factsheets/cs-revitalize.pdf http://www.peri.umass.edu/fileadmin/pdf/published_study/PERI_ABikes_October2011.pdf http://www.ceosforcities.org/research/walking-the-walk http://landscapeonline.com/research/article/7511 http://boston.curbed.com/archives/2011/10/higher-boston-property-values-grow-on-trees.php http://www.researchgate.net/publication/38183940_Assessing_the_impact_of_streetscape_on_reside ntial_property_in_lower_to_middle_socio-economic_areas
These reports and articles are a mix of streetscape, walkability, trees, bike infrastructure and other economic factors that combine to show the correlation between streetscapes and property taxes