TITLE

Value Capitalization Effect of Protected Properties: A Comparison of Conservation Easement with Mixed-Bag Open Spaces

AUTHOR(S)
Mittal, Jay
PUB. DATE
January 2014
SOURCE
Journal of Sustainable Real Estate;2014, Vol. 6 Issue 1, p23
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
In this paper, I examine the impact of open space restrictions on neighboring house prices using hedonic modeling framework and GIS. The comparison is between two groups of parcels in Worcester, Massachusetts: one has a mixture of open space restrictions that limit or prohibit development and the other has a conservation easement. Conservation easement (CE) involves voluntarily restricted conservation worthy private lands from future developments in perpetuity. The sample used is single-family detached houses that were sold in 2005 to 2008. Since future development restrictions lower the property values and tax base for local communities, the findings confirm that spatially targeted CE parcels with proximity of, and visibility to CE parcels drive up the surrounding property values, thereby providing additional tax base and income to the communities.
ACCESSION #
99935317

 

Related Articles

  • Property tax assessment of conservation easements. Stockford, Daniel C. // Boston College Environmental Affairs Law Review;Summer90, Vol. 17 Issue 4, p823 

    Examines contributing factors to uncertainty surrounding property assessments burdened with conservation easements. Property valuation principles; Impact of conservation easements on market value of property; Taxation issues; Problems in the application of valuation approaches.

  • Purchase for preservation. Hicks, Chester // State Government News;Oct99, Vol. 42 Issue 8, p31 

    Elaborates on laws governing conservation easements of real property in the United States. Purpose of conservation easement; States which has such law; Information on growth management; Reason why private landowners enter into conservation easement.

  • Land Trusts. Hardin, Jesse Wolf // Mother Earth News;Aug/Sep2002, Issue 193, p14 

    Presents steps to protect the real property from condominium or amusement park development. Land covenants; Conservation easement; Conservation trusts.

  • Conservation Easements in an Ecosystem Services Age. Ristino, Laurie // Natural Resources & Environment;Winter2010, Vol. 24 Issue 3, p56 

    In this article the author discusses how a national carbon-offset market can benefit private lands conservation and how it may cause changes to embrace a property-based framework for ecosystem services. He notes that conservation easements should be polished to deal with the protection of some...

  • Comments. Landsberg, Brian K. // California Law Review;Aug62, Vol. 50 Issue 3, p483 

    Evaluates the legality and utility of conservation easements as opposed to an expanded use of the police powers in controlling urban sprawl or securing open space. Motivation behind the desire to conserve open space; Restrictions on the use of land by condemnation; Acquisition of developmental...

  • Criticized Colorado Issuer to Release Standards for Open-Space Purchases. Albanese, Elizabeth // Bond Buyer;11/12/2003, Vol. 346 Issue 31760, p2 

    Reports that the Great Outdoors Colorado will release the criteria for purchasing of open space land. Money given by the agency to local governments.

  • Conservation easements as qualified conservation contributions. Coale III, Harwell E. // Tennessee Bar Journal;Jun2005, Vol. 41 Issue 6, p25 

    Discusses conservation easement, a form of conservation contribution in the United States. Income tax deduction of conservation easement; Categories of qualified real property interests for donation; Classes of organizations who may received qualified real property interests. INSET: Update from...

  • State completes easement purchase of forest land.  // Business Journal (Central New York);8/3/2007, Vol. 21 Issue 31, p3 

    The article reports on the $6.6 million deal made by New York State to acquire conservation easements on 51,950 acres of forest lands in St. Lawrence County, New York. The easement will open access for snowmobiling, canoeing/kayaking, and camping and will also access to the North and Middle...

  • RECONCILING DEVELOPMENT AND NATURAL BEAUTY: THE PROMISE AND DILEMMA OF CONSERVATION EASEMENTS. Bray, Zachary // Harvard Environmental Law Review;2010, Vol. 34 Issue 1, p119 

    Local and regional private land trusts are among the most important and most numerous conservation actors in contemporary America, and conservation easements are perhaps the key land conservation tools used by these trusts. In recent decades, privately held conservation easements and local and...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics