While industry-supported property value studies tend to use regression analysis over a large “view shed”, opponent studies tend to use observations from brokers and appraisers. These studies are thus criticized by the industry for not being “scientific” enough. Here are the main opponent-sited studies, and I’ll let you decide where you’d put your money. I know where I’d put mine.
Derry Gardner is an appraiser in Texas, and he prepared this presentation for landowners considering signing wind turbine leases. His results consistently showed a decline, averaging from 25% if within 1.8 miles and increasing to 37% if on the property itself.
Appraisal Group One is a Wisconsin-based company who studied property values in Fond du Lac county. This study includes (a) a realtor survey, (b) a sales study and (c) a literature review. The realtors estimated losses in the 40% range for close-in properties, while the sales study showed losses in the 20-40% range. The review is a pretty well written summary of the issues surrounding wind turbines.
Again from Wisconsin, this time some data from the zoning administrator on page 6, showing losses of 18-26%. This study also has lots of information on the experiences of the locals with wind turbines.
Chris Luxemburger is a broker in Ontario, and studied the sales prices on a few properties there. His average loss was $48,000 and the close-in properties were on average on the market much longer than normal.
Other Items, of differing quality. This is just a sampling.
Plattsburgh, N.Y. – [dead link] 60% tax assessment reduction.
Bob Vila – [dead link] no new numbers, but even Bob has gotten into it.
RICS Survey – from England.
Frey Paper – from England. This is mostly a health study but also includes a section of property values, starting on page 116.