Property Value Impacts
Protected open space adds value to homes located nearby. The amount of value added depends on several different characteristics:
- Proximity to open space
- Size of open space
- Surrounding development patterns
- Home's assessed value
86% of homes in Chester County are located within ½ mile of protected open space
$1.65 billion added to the value of housing stock
$13,119 average value added per housing unit located within ¼ mile of protected open space
$11,379 average value added per housing unit located within ½ mile of protected open space
$27.4 million generated in annual property and transfer tax revenues
Proximity to Open Space
The closer a home is to protected open space, the more value it captures. Approximately 3.6% of the value of a home located within ¼ mile from protected open space can be attributed to its proximity to protected open space. The increase in value for homes ¼ mile to ½ mile away is about 2.3%. When added together, the value that homes within a half-mile of Chester County protected open space capture as a result of their proximity to protected open space totals $1.65 billion. This added value generates $27.4 million in tax revenue for the County, municipalities, and school districts.
Size of Open Space
Larger protected open spaces add more value to near by homes than smallers opens spaces. The graph below compares the percent of a home's value added by open spaces greater than 100 acres to that added by open spaces less than 100 acres.
Impact of Size of Protected Open Space on Property Value
Development Pattern Influences
The development patterns where a home is located affect how much value protected open space adds to homes. Home values were analyzed in the County’s three predominant development types with respect to how much of a home's value is attributed to protected open space. Homes in rural areas derive more value from proximity to open space than do homes in growing suburbs and developed communities; however, the combined value generated by homes' proximity to protected open space is generally greater in developed communities due to the fact that these dense areas have more homes that generate value than in rural communities.
Percentage of Home Value Attributable to Open Space by Community Type
Assessment Value and the Impact of Nearby Protected Open Space
The impact that nearby protected open space has on a home's value is somewhat related to the home's assessed value. Of homes within ½ mile of protected open space, those with higher assessed values are more impacted by nearby protected open space than homes with lower assessed values. Even though open space adds thousands of dollars to a home's value, this additional value equates to only a nominal increase in property taxes.
Total Value Per Housing Unit Attributable to Protected Open Space
Per-Unit Property Tax Attributable to Protected Open Space
