Park Area per Capita
Median Assessed Value Differences
Properties Values are Lower among Properties Near Parks
Average of Median Assessed Values of Residential Properties by Tracts
Average of Median Assessed Values of Residential Properties by MunicipalitiesPrior studies (Crompton, 2001; Trust for Public Land, 2018) have established that parks tend to increase the value of nearby properties by up to 20%. However, we found that within tracts, the assessed value of properties near parks was an average of $5,000 less than other properties. This varies a lot from tract to tract. For example, for most tracts in Indianapolis, properties near parks are worth at least $1,000 more than other properties. Properties in Zionsville also tend to be worth more when near a park. The opposite is true in Carmel and Fishers. The largetst positive value difference is in a tract in Westfield, and the largest negative difference is in a tract in Lawerence. We should be clear that this difference in property value is not necessarily caused by the presence of a park. This analysis does not control for other factors that might effect property value. Assessed value has two components, the value of the land and the value of the improvements (or buildings on the land). In general, we found land near parks to be worth about $400 more than other land, while improvements were worth about $6,000 less.
Median Assessed Value Differences by Tract
DataFor this blog, three different datasets were used via the SAVI information System:
- Parks: This data comes from Indiana Department of Natural Resources Managed Lands dataset. This are natural and recreational areas which are owned or managed by IDNR as well as some lands that are owned by other state, federal, local agencies or non-profit organizations. This excludes parks managed by other organizations, like local neighborhood groups, for example.
- Population: This data comes from the 2016 American Community Survey 5-year estimates.
- Parcel boundaries: This data comes from the Indiana Geographic Information Officer.
- Parcel types and values: This data comes from the Indiana Department of Local Government Finance. This data was used to identify those properties that were residential and their current assessed values.