Does Casino Increase Property Value
What’s more, historically low property taxes in Everett could drop even further under the city’s plan to rely on new revenues from a Wynn casino to the tune of $25.2 million per year. Are Home Values in Southwest Las Vegas Increasing? The southwest area of Las Vegas is booming. In December of 2015, the median home price for a single-family home in the Southwest part of Las Vegas was $248,000. In December 2018, the median sales price for a single-family property in Southwest Las Vegas was $340,000. SPRINGFIELD — Whichever Western Massachusetts community ends up getting a casino, sharing the town with a gambling mecca would cost homeowners from $1,650 to $3,300 in lost value, according to a.
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Property values are soaring around the new Saganing Eagles Landing Casino, but not everyone is happy.
Does Casino Increase Price Property Value
Jeff Trombley, supervisor of Arenac County's Standish Township, said farm land once valued at $1,600 an acre is worth more than $8,000 an acre now if it is along Worth Road leading to the gaming hall. The casino opened Dec. 31.
The steep jump in land value is due to prices paid by the Saginaw Chippewa Indian Tribe to acquire property near its casino and Saganing Indian Reservation, he said.
The tribe purchased at least 370 acres of land near the casino and nearby road intersections in 2007, according records at the Arenac County Register of Deeds office.While the deeds list sale prices of just $1 per parcel, the township based its valuations on property transfer forms that show actual purchase prices, Trombley said.
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Do Casinos Raise Property Value
'It's averaged out to $8,300 an acre,' Trombley said this week.
The tribe's land purchases have forced Standish Township to take action by creating a new 'developmental' classification for agricultural property along about three miles of Worth Road leading to the casino.
'If we left it agricultural, then every piece of agricultural property (in the township) would have went up to $8,300 an acre,' Trombley said.
The developmental classification affects land east of Richardson Road, and within a half mile of Worth Road to the north and the south. The township believes that area is the most likely to see development projects going forward, he said.
Ron Krzyzaniak's home and 50 acres on Worth Road is one of several parcels affected by the higher land prices. He said the state equalized value of his property, an estimate of half its cash value, went from $70,000 last year to about $250,000 this year.
While the taxable value of Krzyzaniak's land won't change drastically unless he builds there or sells the property, he worries that his children face a high tax increase should they inherit his land, located two miles west of the casino.
'We can't afford to give this to our kids. Who can afford to pay $15,000 a year in property taxes?' he asks.
Trombley said if Krzyzaniak's children use the land for farming, they can keep the tax rate from jumping. State law limits tax increases on certain transfers of agricultural land.
In the meantime, Krzyzaniak said no one has approached him to buy his land, so he feels it doesn't warrant the higher property valuation. He plans to argue his case to the Michigan Tax Tribunal this year.
He also criticized the township's decision to skip over several homes on Worth Road in the new development classification.
Trombley said the classification only applies to larger parcels on Worth that are suitable for development. And property values could decrease next year if there are no other land purchases and no development, he said.
The Chippewa tribe has not announced what it plans to do with the land it purchased last year.
'We're still in the stages of master planning what we want to do with our holdings in Saganing. We haven't announced anything,' said Frank Cloutier, a spokesman for the Mount Pleasant-based Saginaw Chippewa Tribe.
Cloutier said Tuesday that the tribe's land-buying push is over for now, unless an opportunity presents itself that interests the Tribal Council. He added that talk of building an Interstate 75 exit to Worth Road is 'pie in the sky right now.'