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The economic impact of the St Johns River water quality ...
Title: The economic impact of the St Johns River water quality on property values
Abstract: The St Johns River is located on the east coast of north Florida in the US. It is approximately 500km long and 5km wide at its widest point. The river flows through 12 counties and about 3.5 million people live within its catchment of approximately 23,000 square km. The Lower St Johns Basin – the study area – comprises Duval, Clay, Putnam and St Johns Counties.
Following a workshop convened by the University of North Florida to examine the economic value of the St Johns River to the State of Florida, The Balmoral Group was engaged to conduct research that addressed the impacts of the river and its floodplain on property values. Public values for aesthetics, access and open space enjoyment of the river are reflected in property values and ad valorem taxes (rates), and this economic value can be estimated through hedonic pricing models (Palmquist, 2005). Published research affirms that water resources, and changes in water quality, contribute to property values in Florida at varying distances from the water resource, based on attributes of “edge” (representing waterfront premiums) and “proximity” (representing distances to the waterfront or access point).
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