Articles filed under Property Values
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.
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.
The LSE’s study found that properties within a 2km radius of a wind farm have been typically been sold for 12% lower than their actual valuation, though houses as far away as 14km are estimated to have been adversely affected in recent times.
McCafferty said there are multiple problems with wind farms -- such as the aesthetics and the noise associated with them. "People don't come to Vermont to look at wind farms and they don't come to Vermont to hear a lot of noise. So, these are direct impacts on the values," McCafferty said. Before the crowd departed for the night, Wright gave them one last message.
A bid to push along the town’s commitment to buy power from a proposed wind turbine project in Plymouth has stalled because the Board of Selectmen wants more information about the town’s costs and savings as well as the lawsuits surrounding the proposal.
The study, by the London School of Economics (LSE), reviewed more than a million homes within close proximity of large wind farms over a 12-year period, finding that their property values fell by 11 per cent. According to Professor Steve Gibbons, Director of LSE’s Spatial Economics Research Centre, "Property prices are going up in places where they’re not visible and down in the places where they are.”
In a study McCann did on Lee County, Ill., the average price per square foot for a home outside 2 miles of the wind project was $104.72. For those that were within 2 miles of the project the average sale price was $78.84 per square foot - a decline in value of approximately 25 percent. One couple that was part of a panel at Friday's forum - Scott and Melodie McLane from Georgia, Vt. - experienced the depreciation of the value their home first hand.
Jo Fagan thought she had sold her house in the village, but was amazed to receive a letter from her estate agent saying the sale would not happen because of the proposed five-turbine wind farm at Hough Grange Farm, Hough on the Hill.
"An increasing number of people are coming to me with clear evidence that the value of their home is significantly less than what it otherwise would be were the wind farm not there. "I'm seeing a minimum 10 per cent to 15 per cent reduction," he said. "Some are seeing a loss of one-third of the value. How can that be fair?
Westcountry homes close to wind farms have lost up to a third of their value, an MP has claimed as the Government considers paying compensation if developments cause a property price plunge. Geoffrey Cox, Conservative MP for West Devon and Torridge, said constituents have been told by estate agents their homes are worth “significantly less” thanks to giant turbines, and that it is an “injustice” they lose out while developers and land owners potentially pocket millions.
City officials said Portland has consistently grown at about 1.5-percent for the past 10-15 years, adding that they have done that by encouraging single-family home development ...However, they said that being so close to the wind turbines in nearby Taft will be the city's biggest challenge for further growth. "What we understand from talking to developers is that they are reluctant to build single-family subdivisions in the shadow of wind turbines."