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