Library filed under Property Values
One of the concerns cited by homeowners is a sharp drop in home values that is caused by the aesthetics, noise pollution and related health effects. Neighbors reference instances where families have abandoned their homes after years of being unable to sell but the developers, Swanton Wind, points to academic and government studies reporting there is no evidence that wind farms damage home values.
The neighbors in Swanton will be just over 2,000 feet to the proposed turbines, which is more than 1,000’ closer to the project than any homes on Georgia Mountain. The proposed turbines in Swanton are also nearly 60’ taller than the ones here. So I think it’s safe to say that they have a very valid reason to be worried about their property values.
A $19,600 study led by the Potsdam-based Clarkson University School of Business to research various impacts of the 31-turbine project was approved Wednesday by the Town Council. The study — to be expanded if more towns participate — will explore the potential impact of Albany-based Hudson Energy’s project on Henderson’s economy, waterfront viewshed and property values.
While disgruntled cottage owners near the new wind farm at South Canoe are upset by the way their view has been altered and about a possible drop in property values, an expert on renewable energy at Dalhousie University thinks they have little to be concerned about.
A court ruled in the couples’ favor, confirming the proposed wind farm clearly had the possibility of impacting on both the future value and the buyers’ enjoyment of their new home. The solicitors were found to be negligent in failing to inform their clients about these plans and as a result the buyers received a substantial compensation settlement.
In a statement attacking the proposals, Bournemouth Tourism Management Board also said it was furious that EDF Energy, one of the backers of the Navitus Bay project, was “completely disregarding the environmental and consequential economic impact on the local area and refusing to compensate for the multi-million pound damage local businesses face”.
He also illustrated reasons for people to sell property with a turbine on or near it include health impacts. ...He said it’s [not] a “conspiracy theory” among neighbors when it comes to those health impacts, but he affirmed those events do occur. ...Property impact studies have been done throughout the world and one he described showed assessed values indicated a 20 percent deviation from assessed sale value.
The Wisconsin Realtors Association asked the state Supreme Court to invalidate a 2009 rule establishing setback requirements for building wind turbines near residential housing because, they said, it doesn’t go far enough.
“The turbines that are proposed here are quite large,” she said. “The majority of the population here very clearly doesn’t want them. Put simply, if you were to buy your future home, given the choice, would you buy where you would have noise, shadow flicker, an industrial view, potential health issues caused by the turbines, and the possibility of a very difficult resale, or would you spend your money elsewhere?”
The paper by Vyn and McCullough (2014) should not have been published in its current form as the results are being misinterpreted and highly publicized in the press and in radio broadcasts. The core issue is the lack of power in the statistical tests, a problem partially acknowledged by the authors but then dismissed by their focusing attention on tests for the sensitivity of their model specification.
Wind turbines generally have little effect on the value of nearby properties with possibly isolated exceptions, a recent study of thousands of home and farm sales has found. ...One appraiser's report found the values of five properties close to turbines – bought and resold by wind farm developers – plunged by more than half, the researchers note. In addition, homes or farms that may not have sold because of nearby turbines don't show up in the sales data.
This paper focuses on public concerns about real estate value loss in communities in the vicinity of wind turbines. The abstract of the paper and excerpt of the discussion are provided below. The full report can be accessed by clicking the links on this page.
This paper focuses on public concerns about real estate value loss in communities in the vicinity of wind turbines. There are some conflicting results in recent academic and non-academic literatures on the issue of property values in general—yet little has been studied about how residents near turbines view the value of their own properties. The abstract and portions of the conclusion of this paper can be found below. The full paper can be accessed by clicking the links on this page.
The Sheffield Board of Civil Authority voted Wednesday evening not to reduce the assessed value of a Sheffield property owner's homestead, located next door to a Sheffield industrial wind farm.
The Oklahoma Tax Commission has said it expects to pay nearly $12 million to producers of renewable energy — mostly wind farms — in zero-emission tax credits this year. The commission projects those payments to swell to $19.1 million by 2018.
Using Oklahoma Tax Commission records, Rick Mosier, of the Oklahoma Property Rights Association, discussed the growth of Oklahoma zero-emission tax credits. These are awarded to wind power companies based on how much electricity they generate. More than $40 million of these credits were awarded in 2012. Beginning this year, qualifying companies can get paid 85 percent of the credit even with no tax liability.
The other major reason valuations have dropped, he said, is that some projects are not producing energy at the level they were expected to. "After they are operating for a few years you can see whether they are producing better or worse than expected." But, on the whole, production is less than predicted.
Before deliberating, the BCA in attendance agreed they should visit the Therrien property, preferably when the wind is blowing and the turbines are turning, to see firsthand the proximity of the towers to the property and to experience any disturbances created by the towers.
The county established the Utility Valuation Defense Fund as a response to what county officials said was a broad-based effort by utilities to challenge municipal assessments throughout New Hampshire. The situation is particularly acute in Coos County where the utilities appear to be “trying to pick off small towns one at a time,” through legal action that the towns are hard-pressed to respond to.
Realtors say the value of waterfront homes in the town has slid steeply over the past five years due to the eyesore of Wolfe Island Wind Farm, creating a buyer’s market for those who don’t mind looking out at turbines.