Thursday, August 9, 2012

Lady Grace goes Green



 According to the Final report released by the Cape Vincent Wind economic committee
4% are participating lease holders. The turbine overlay area will comprise 38% of the total area of the Town of Cape Vincent .
The assessed value of the overlay district is 2.94% of the entire town Assessment.
The non-participating acreage comprises 62% of the entire area of the Town.
The assessed value of the non-participants property is 97.06% of the entire Town assessment.
The report states that impacts on property are likely to vary depending on the proximity to turbines neighboring properties and site lines. Indications are there will be an overall decrease in property values with the potential for significant negative impact on assessments and related.

factors such as tax rates and the ability to market property at a fair price.

It is probable that participating properties within the overlay district could lose 20 to 40 percent of their value.

It is probable that participating properties within 1000 feet of turbine sites could lose from 15 to 25 percent of their value.

It is probable that participating properties within 1000 feet to 300 feet of turbine sites could lose 5 to 15 percent of their value.

It is probable that properties located beyond 3000 feet of turbine sites could lose 5 to 15 percent of their value.


The income that the Town will realize from any real-estate tax is directly related to the value of the property being taxed, assuming that the tax rate remains the same. If the assessed value of the property decreases the Towns income decreases proportionately. Conversely if the assessed value increases so does the Town’s income.
If there is a decrease in the actual value (sale value) of non-participating properties both within the overlay district and at varying distances from the overlay district boundaries, if this is realized there will be a loss of real property tax income. Unless this loss is recouped from another source the Town will have to operate at a reduced income.
Also school taxes will be impacted by any change in assessed value of properties.
Income to the Town from a Pilot agreement is negotiable and is likely to result in increased mones to the Town (but only for the life of the projects).

Sales taxes and bed taxes will be impacted, but this money does not stay in town.

To read complete turbine impact report link here

2 comments:

Anonymous said...

According to Bp the town would get 225,000 a year and that would raise a bit by the end of twenty years.

Think of that as a paltry allowance for a kid...

That amount is an insult to the value of this community which would lose more in valuation of land than Bp will pay in town taxes.

Anonymous said...

I am certain these property value loss estimates are conservative.
And these percentage loss projections don't adequately address the increased difficulty in selling a "turbine view" vacation home at any price. In my many conversations with real people about this I have heard them say they would not even consider a second look at waterfront property that came with an ever present view of twirling turbines and red flashing lights. It would be an immediate deal killer. They would shop for a property elsewhere.
I think we all intuitively understand that reality.