How Do the Location, Size and Budget of Open Space Conservation Affect Land Values?

In this article we present a model to examine the optimal location, size, and budget of open space conservation and the resulting impact on land values and local fiscal conditions in an urban area. Results indicate that open space conservation can transform the defining features of an urban landscap...

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Bibliographic Details
Published in:The journal of real estate finance and economics 2016, Vol.52 (1), p.73-97
Main Authors: Wu, JunJie, Xu, Wenchao, Alig, Ralph J.
Format: Article
Language:English
Subjects:
Bids
Commuting
Conservation
Economic models
Economic statistics
Economic theory
Economics
Economics and Finance
Equilibrium
Financial Services
Households
Land economics
Property taxes
Property values
Real estate
Regional/Spatial Science
Studies
Tax rates
Urban areas
Urban development
Willingness to pay
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Summary:In this article we present a model to examine the optimal location, size, and budget of open space conservation and the resulting impact on land values and local fiscal conditions in an urban area. Results indicate that open space conservation can transform the defining features of an urban landscape. A well-designed open space conservation program can improve municipal services, increase total property values, and attract households to the city without substantially increasing tax burdens, while an improperly designed open space program can have the opposite effects. Results also reveal the key parameters that determine the optimal location and size of open space conservation and their fiscal and land value effects.
ISSN:0895-5638
1573-045X
DOI:10.1007/s11146-015-9506-3