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Smart Growth Saves Costs of Abandoned and Vacant Properties

Smart Growth Saves Costs of Abandoned and Vacant Properties. Costs of Vacant Properties. Social costs of blighted neighborhoods Increases in crime and arson, further burdening already strapped fire and police budgets. Lost property taxes.

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Smart Growth Saves Costs of Abandoned and Vacant Properties

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  1. Smart Growth SavesCosts of Abandoned and Vacant Properties

  2. Costs of Vacant Properties • Social costs of blighted neighborhoods • Increases in crime and arson, further burdening already strapped fire and police budgets. • Lost property taxes. • Reduced neighboring property values, further reducing tax revenues and depressing the local economy.

  3. Vacancy and Abandonment by Region Source: Pagano & Bowman, Vacant Land In Cities: An Urban Resource,” Brookings, 2000 p. 7

  4. Vacant Properties Incubate Crime • A study in Richmond, VA, found that the number of vacant/abandoned properties was more closely related to the incidence of crime than any other factor. • A study in Austin, TX, found that the rate of crime on blocks with open abandoned buildings was twice as high as on blocks without open buildings.

  5. Vacant PropertiesIncrease Fire Hazards • Over 12,000 fires are reported each year in vacant structures in the U.S, resulting in over $73 million in property damage annually. • Over 70% of these fires are due to arson. • Over 6,000 firefighters are injured every year in vacant or abandoned buildings.

  6. Vacant PropertiesRequire Expensive Clean-up • Trenton, NJ, dedicated between $500,000 and $1 million per year to cleaning up vacant properties. • Detroit spends $800,000 a year just to clean vacant lots. • St. Louis spent over $15.5 million on demolition costs over a 5 year period. • Philadelphia projects spending nearly $50 million over a 20 year period on maintaining vacant lots.

  7. Vacant PropertiesReduce Revenues • 83% of property tax balances due are lost on foreclosed properties. • A review of taxes property tax collections in St. Paul Minnesota found that a un-renovated, inhabited home produces about 5 times the tax revenue of a vacant home and that a renovated inhabited home produces about 11 ½ times the revenue of a vacant property. • Overall, the failure of cities to collect even 2-4% of property taxes due to abandonment or delinquency translates in between $3 and $6 billion in lost revenue.

  8. Vacant PropertiesReduce Surrounding Property Values

  9. Case Study: Flint, MIThe Cost of Abandonment  • Over 12,000 fires reported in abandoned buildings each year, leading to $73 million in damage • Abandoned buildings increase crime, used for drug storage • An additional abandoned structure reduces the sales price of a residence… • By 2.27% if it is within 500 feet • By 1.92% if it is between 501 and 1000 feet • By 1.11% if it is between 1001 and 1500 feet

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