Articles filed under Property Values
The revelation came following the Valuation Office Agency's down-grading of council tax bands for several homes after they dived in value following the arrival of turbines nearby. Although just five cases have been officially revealed, these suggest that a wind farm decreases house prices by 20 per cent or makes them difficult or even impossible to sell.
The Valuation Office Agency has been forced to re-band homes into lower council tax categories, confirming what most residents who live near the giant turbines already know: they are detrimental to property prices. The move will make it harder for the wind farm industry to dismiss public concerns over the impact of their turbines.
The decisions by the Valuation Office Agency (VOA) to move certain houses close to wind farms into lower council tax bands are the first official recognition that the turbines can lower the value of nearby homes.
For most of the 2 1/2-hour meeting, Crowley was cross-examined by Rockford attorney Rick Porter, who is representing Hamilton Township and a number of private landowners fighting the wind farm. Crowley conceded he didn't know the proposed height or width of the turbines.
The current study, released in July of 2011 by the Economic Financial Studies School of Business at Clarkson University, cites losses of up to 40 percent on properties located within 0.10 miles of new wind turbine facilities. This has prompted him to revise his loss figure upward to a maximum of 40 percent and expected adverse impacts out to three miles, with effects becoming less extreme with distance.
In one case in Simcoe, a real estate agent was trying to sell a 25 acre vacant hobby farm with a wind turbine behind it. He listed the lakeview property for about $149,000, expecting to sell it for about $135,000. Six months later he finally got an offer of $65,000. All seven potential buyers asked about the wind turbine.
Wind developer WPD Canada and a farm that signed a lease to host wind turbines are now both being sued. The claim seeks an injunction and $2 million in damages related to the proposed Fairview Wind Farm in Stayner.
A proposal to protect the property values of homes near wind turbines is gaining support. Two of the five members of the Lee County Zoning Board of Appeals, which is reviewing the county's wind energy ordinance, said at their meeting Thursday that they backed a home seller protection program for residents near turbines.
The ordinance details a complex appraisal process, in which the homeowner and the wind energy company each would choose an appraiser. In the end, if appraisers find that a home sold for less because of nearby turbines, then the wind energy company would pay the difference.
Edward and Gail Kenney, retired civil servants who’ve lived on Wolfe Island for 48 years, are appealing their property tax assessments, set at $357,000, arguing that the 86 wind turbines erected around their home have driven down their property values and should be acknowledged in their tax bills.
CBC News has learned that already one bank in the Melancthon area is not allowing lines of credit to be secured by houses situated near wind turbines. In a letter to one family situated close to the turbines, the bank wrote, "we find your property a high risk and its future marketability may be jeopardized."
"Nearby homeowners, however, do not generally receive any direct compensation, and it is possible that PILOT payments are not completely making up for losses dealt to this group," he continued. "So, it may be necessary to develop other schemes which would compensate these affected parties."
"In Clinton and Franklin Counties proximity to turbines has a usually negative and often significant impact on property values, while, in Lewis County, turbines appear to have had little effect, and, in some specifications, a positive effect."
Heintzelman said past research, including a study of Madison County, showed wind farms had little or no impact on real estate values. But he found that hard to believe. "Anytime you put a large industrial or manufacturing facility in someone's backyard," he said, there is bound to be some impact.
"After completing my review of the subject location, it is clear that numerous homes in the Cape Vincent area will be adversely impacted, and the best available evidence indicates that value loss of 25 to 40 percent or more will occur to homes within approximately two miles of the turbines."
After discussions with leadership people, community members and landowners, the company decided the only way to resolve the dispute with the neighbours was to purchase and re-market their homes.
"We need to put this into perspective," said Frodsham town councillor Tony Hinkins. "The very threat of this wind farm has already reduced the market value of properties in this community by far more than anything this community benefit fund might provide."
"Industrial-style wind turbines change the essential character of the area," McCann told a packed room, which included residents of Bourne and Falmouth who are also dealing with wind turbine projects. He estimated $70 million to $112 million in market value could be lost in the town, based on the number of homes that could be affected.
Given the abundance of recent letters to the editor regarding the wind turbine industry's plans for our part of Ontario, I would like to concentrate on an important aspect of the wind industry's campaign of disinformation that has so far received little attention: the basis for their insistence that real estate values near wind turbine sites are unaffected by their presence.
What we discovered was absolutely shocking to all of us. In spite of several years of mounting evidence pointing to serious problems with industrial wind energy installations in terms of health, property values, water quality, wildlife, and agricultural land degradation, the Government of Ontario continues to pursue, at breakneck speed, the approval and development of these projects.