Assessing the property value and tax revenue impacts of SunRail stations in Orlando, Florida. Issue 1 (March 2020)

• Record Type: Journal Article
• Authors: Duncan, Michael; Horner, Mark W.; Chapin, Tim; Crute, Jeremy; Finch, Kayla; Sharmin, Nusrat; McClellan, Kaleb; Williams, Andrew; Riemondy, Alex; Stansbury, Chris
• Is Part Of: Case studies on transport policy. Volume 8:Issue 1(2020)
• Page Start: 1
• Page End: 11
• Publication Date: 2020-03
• Subjects: Transit benefits -- Property taxes revenues -- SunRail -- Commuter rail -- Transit stations; Transportation and state -- Case studies -- Periodicals; Transportation -- Planning -- Case studies -- Periodicals; Transportation -- Research -- Case studies -- Periodicals; 388.05
• DOI: 10.1016/j.cstp.2020.01.005
• Languages: English
• ISSNs: 2213-624X

Abstract

Highlights: Tax revenue impacts have been highly variable across the SunRail system. Some stations having experienced modest to substantial value increases. SunRail station areas generally outperformed their control areas. SunRail investments appear to have catalyzed new development around stations. Abstract: Community support for public transit could come more easily if transit systems demonstrate positive fiscal impacts beyond those achieved through fare box returns. Transit systems have the potential to generate additional public revenues through catalyzing development around transit stations, yielding increased property values and property taxes. This paper provides an assessment of the property value changes and development impacts that have occurred around the SunRail commuter rail system since the locations of the stations were announced in 2007. We estimate tax revenue impacts resulting from property value changes around each station. The findings show that tax revenue impacts have been highly variable across the system, with some stations having experienced modest to substantial value increases, while others have remained stagnant. However, SunRail stations generally outperformed their control areas that were identified as part of this study. SunRail investments appear to have catalyzed new development around stations and yielded measurable (re)development benefits in the form of property tax increases from new transit-oriented developments.