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FLTF engaged Public Sector Consultants (PSC) to conduct a literature review of research that has been done on how lakes can affect property values. Their report looked at studies that primarily relied on hedonic analysis. Hedonic analysis is a statistical method used to estimate the value of a good or service by analyzing how its individual characteristics contribute to its overall price.
Factors such as lot size, house size, quality, condition of a home, upgrades, school district, as well as lake proximity, were all considered. The literature reviewed clearly shows a higher premium afforded to properties due to lake adjacency, access and views compared to several other factors impacting prices. These factors align with the benefit factors used in the Four Lakes special assessment rolls.
Even though the matter of the assessment has been legally settled, we felt it important to share the data with the community. People should use it as one more source of information when understanding the value that lakes bring to a community.
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