Solidarity Realty | Nov. 11, 2019 | Darcy Haber and Jesse Pycha-Holst
Madison Real Estate Firm Tallies F35-Affected Property Values
Assessments add another component to Fighter Jet Debate
Madison, WI— A local real estate firm has released findings it says shed new light onto the debate on the proposed F-35 Operation Beddown at Madison’s Truax Field.
‘Incompatible with Residential Use’
At issue is the Environmental Impact Statement (EIS) released by the US Air Force that attempts to inform policy makers and the public on the effects the new F35 jets would have on the surrounding community. The report utilized computer generated sound models to determine how much more noise the louder jets would shed on surrounding neighborhoods. The USAF described a contour inside of which they described land use would be “incompatible with residential use.”
Supporters tout the 64 new jobs the jets will bring to Dane County. Local realtors at Solidarity Realty say those jobs come with a heavy price for nearby property values.
“Agents at our firm tallied the 2019 tax assessments for every domicile found within the EIS map provided by the USAF,” said one of the firm’s agents, Jesse Pycha-Holst. “We’ve found that a minimum of $255 Million in residential property value will be negatively affected. This is a considerable amount and hasn’t been discussed in the public conversation until now.”
Pycha-Holst suggested a potential broader economic impact to taxpayers.
“We are still going over the available data to better determine what ripple effect this may have on other nearby homeowners and taxpayers across Madison and Dane County,” he went on. “For example, this only begins to describe the loss to homeowner equity and the city/county tax base. It doesn’t include the property value of publicly-owned subsidized housing which may have to be relocated at taxpayer expense, the property that must be purchased by the county for demolition, the loss of school funding, or any possible impact on open TIF Districts.”
For more information, press only: Darcy Haber 608-284-9311 / Jesse Pycha-Holst 608-215-1059