By: |
Liu, Xiangping (Department of Economics, School of Business, Economics and Law, Göteborg University);
Taylor, Laura (Center for Environmental and Resource Economic Policy);
Hamilton, Timothy (Department of Economics, University of Richmond);
Grigelis, Peter (Office of Policy Analysis, U.S. Deparment of Interior) |
Abstract: |
The National Wildlife Refuge system is a network of permanently protected open
space encompassing more than 150 million acres across 50 states. Maintaining
such a large network of permanently protected open space can put the federal
government at odds with local communities when management priorities differ
from the local community’s objectives. This can be especially true in rapidly
urbanizing areas where local jurisdictions voice concerns over the loss of
property tax revenues and economic activity resulting from lands’ protected
status. While refuge recreation and ecosystem benefits have been identified,
we know little about the property value benefits accruing to local homeowners.
This research quantifies the property value benefits of all refuges on the
east coast that are near urban areas. Our approach is made possible through
access to confidential U.S. Census data identifying property values
surrounding all refuges with high geographic resolution. Results from hedonic
property value models suggest that the amenity values of refuges located near
urbanized areas are capitalized into the value of homes in very close
proximity, averaging $11 million per refuge. These capitalized values add
directly to the local tax base and are considerable complements to the annual
economic value created by the refuge system. |
Keywords: |
National Wildlife Refuges; open space; amenity values; hedonic analysis |
JEL: |
Q24 Q51 Q57 Q58 |
Date: |
2013–03–22 |
URL: |
http://d.repec.org/n?u=RePEc:hhs:gunwpe:0562&r=cul |