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range of reductions in property values in Empire due to the proposed gravel pit <br /> ' would be $4.4 to $7.2 million. <br /> Figure 1 <br /> ' Loss in Real Estate Value <br /> ______- <br /> 30 <br /> 2 _._ ............_............. <br /> W 15 <br /> v`�► 10 -_ _� ................ ___ <br /> o , <br /> 0 015 1 1.5 2 2.5 3 3.5 <br /> ' MilesfromQ,uarry <br /> Source: Based on Hite,from Case Center for Spatial Economics. 2009. "The Potential <br /> ' Financial Impacts of the Proposed Rockford Quarry. <br /> http://wcwrpc.org/FinancialImpacts RockfortQuarryCanada.pdf <br /> ' Assuming that the Clear Creek property tax assessment methodology does not <br /> change,the county tax base would increase slowly as reassessments kick in from <br /> ' sales. Because families no longer buy only one house to last a lifetime, re- <br /> computation would take place relatively quickly over the 20-year mining horizon.6s <br /> Most of the 166 properties affected by the DMRM will be sold before rehabilitation <br /> t of the Douglas Mountain Ranch plateau. Only the few current property owners who <br /> hold on to their property for the next 20 years will avoid facing a loss relative to the <br /> no-mine scenario. <br /> ' Nonetheless, Clear Creek County will still gain tax revenue when Empire properties <br /> are sold -just not as much. Clear Creek can hardly afford to face reduced property <br /> ' taxes anywhere in the county as the 2019 budget projects a $1.8 million fall in <br /> property-tax revenue despite projected five-percent annual increases in both <br /> ' 65 The National Home Building Association estimates that the average buyer expects to stay <br /> in a home for only 13 years. Other sources suggest shorter housing tenure. <br /> 22 <br />