An Assessment of the DART LRT on Taxable Property Valuations and Transit Oriented Development Page: I
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This report updates our previous studies of the direct and indirect economic
impacts of the DART LRT system. Two specific topics are addressed in detail:
1) How has proximity to an LRT station affected taxable property values?
2) To what degree is DART rail serving as a catalyst for transit-oriented
Our earlier research showed that properties near DART light rail stations recorded
valuation increases about 25 percent greater than those in a control group of
neighborhoods not served by DART rail between 1994 and 1998. Examining the 1997 to
2001 time period, and using a somewhat different methodology, we find that proximity to
a DART station continues to exert a positive influence on property valuations. Median
values of residential properties increased 32.1 percent near the DART rail stations
compared to 19.5 percent in the control group areas. For office buildings, the increase
was 24.7 percent for the DART properties versus 11.5 percent for the non-DART
properties. However, proximity to DART rail does not appear to have a significant
differential impact on retail and industrial property valuations.
Visits and interviews with most suburban DART member cities, as well as several
non-DART cities, revealed a keen interest in transit-oriented development, with the LRT
serving as the centerpiece in many instances. Business leaders, planners, and elected
officials are committed to public transportation for three main reasons:
1) To spur development and redevelopment in their communities, especially
their "old town" neighborhoods;
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Weinstein, Bernard L. & Clower, Terry L. An Assessment of the DART LRT on Taxable Property Valuations and Transit Oriented Development, report, September 2002; (digital.library.unt.edu/ark:/67531/metadc30386/m1/2/: accessed July 28, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Center for Economic Development and Research.