Millions $ in Depressed Property value
Updated: Sep 28, 2021
Property devaluation by distance
Abundant proof exists that a gravel mine would have a substantial and decidedly negative impact on property values in its vicinity.
"For most, property ownership represents one’s single largest investment and we take great care to maintain that asset. There are many factors which can ruin a property’s value. Some we control. Some we don’t. Typically it is unanticipated external factors that do the most damage to a property's value; city dumps, power plants, sanitation plants, noisy factories, and open pit gravel mines.
Our national and state constitutions as well as local zoning ordinances embrace the concept that people should have control over their own affairs and property — as long as they don’t infringe on the rights of others!
Neighbors of the proposed open pit gravel mine have clearly defined rights to clean air, clean water, safe roads, a quiet neighborhood, and a reliance on stable property values."
Please take a few minutes to read this report presented to the Homestead Inland Joint Planning Commission, in Benzie County Michigan, by the Friends of the Platte River Watershed. In it they detail evidence and data, with support, illustrating a $14 million in devaluation of property. Here in Livingston County, where homes are more dense the impact would be tens of millions higher, affecting thousands of families from several Townships.
The pit or quarry doesn’t necessarily have to be in operation, or even approved, to affect property values – the very fact that a license has been applied for can lead to a decrease in the value of nearby properties.
The state will argue they are eventually making a 'green space' which could, in time, increase property value. Assuming an increase after several years is real, it would be increasing from a devalued low creating a gap that will never be overcome.