Scandinavian Working Papers in Economics
Working Papers in Economics,
University of Gothenburg, Department of Economics
No 562: Amenity Values of Proximity to National Wildlife Refuges: An analysis of urban residential property values
Xiangping Liu (), Laura Taylor, Timothy Hamilton and Peter Grigelis
Additional contact information
Xiangping Liu: Department of Economics, School of Business, Economics and Law, Göteborg University, Postal: P.O.Box 640, SE 40530 GOTHENBURG, Sweden
Laura Taylor: Center for Environmental and Resource Economic Policy, Postal: North Carolina State University, U.S.A.
Timothy Hamilton: Department of Economics, University of Richmond
Peter Grigelis: 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
27 pages, March 22, 2013
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