Impact on Your Taxes

Do Land Bank Preserves take land off the tax rolls, resulting in higher property taxes? How would adding their value back into the total taxable value of real estate in the County change tax rates?

The taxable value of Land Bank Preserves is roughly $35 million— about one half of one percent of the total taxable property in the County (over $7.5 billion).

If this amount were added back to the total, and the tax rate adjusted* to yield the same total tax figure the result could be just a $15.00 annual tax reduction on a property valued at $500,000 (approximately $3.00 per $100,00 value).

Further, privatizing Land Bank Preserves would have a direct impact on the valuation of neighboring properties. Multiple studies document that being near parks or preserves results in increased property values of up to 20%. The Land Bank has 300 immediately adjacent parcels and roughly 700 nearby parcels (1,000 total). Assuming just a conservative 5% increased value for those properties and an average $500,000 value, this means the Preserves are currently yielding $25 million in additional taxable value.

*Estimated based on assessed values, adjusted to current market. Does not include former DNR properties already in public ownership