Most pictures are near the proposed racetrack development site.
Decrease in Market Value of Your Property
Your House Will Lose Value
Homeowners know noise pollution will negatively affect their property values. While homeowners may base their knowledge on intuition or experience, there is a vast amount of research demonstrating the inverse relationship between noise and residential market value (A. Szczepańska et al., 2015, A. Swoboda et al., 2015, and Sklarz and Miller, 2018).
Professionals who appraise or assess property likely consult resources such as the Standard on the Valuation of Properties Affected by Environmental Contamination (See Market Value & Contamination) (5) which states "Noise pollution includes unwanted sound generated by airport, road traffic, and heavy industry. Effects should be considered similar to other locational and neighborhood desirability influences and may be incurable economic obsolescence." Incurable economic obsolescence is defined "as environmental, external, or location obsolescence, which is a type of depreciation that occurs outside the subject property. Typically, this form of obsolescence occurs sometime after the property is built, as the environment around the home changes. Examples include airport noise, freeway noise, changes in zoning, and more. For this reason, properties located next to the freeway or under a flight path will experience reductions in value." The Truth About Realty" https://www.thetruthaboutrealty.com/functional-and-economic-obsolescence/.
Some studies have broken down the decrease in market value per vehicle based on proximity to roadway and noise generated by the vehicle at various speeds. A calculator based on noise damage to home prices is available on a research blog. An objective and quantitative discussion of noise pollution's impact on market value, available on a realty website, quotes an expert suggesting that "the presence of an airport could cause properties in near proximity to sell up to 20% lower than the average of homes in the next concentric circle,...". Keep in mind that the decibels produced by a race car are basically equivalent to a jet taking off.
Given the fact that the noise from the proposed complex will be heard loudly for miles, this degradation of market value will affect the county tax revenue as well.
Chart showing correlation between noise and home values
Noise vs. Home Prices
In Exhibit 1, the graph shows the general relationship between median home prices and noise levels, as shown in the San Diego County Median Home Values. It is important to see the correlation between higher noise, which generally implies lower home values.
Please Note: The variance at higher noise levels reflects the high valued urban land where noise is high but land value is also high.
EDNA of Noise Source for Pierce County
Class A is Residential Housing
Pierce County, Wisconsin uses the EDNA of Noise Source to determine maximum noise levels.
8.76.060 Maximum Permissible Environmental Noise Levels.
A. No person shall cause or permit noise to intrude into the property of another person which noise
exceeds the maximum permissible noise levels set forth in subsection B. of this Section.
B. 1. The noise limitations established are as set forth in the table after any applicable adjustments provided for in this Chapter are applied.
See Table to the right about EDNA of Noise Source of Receiving Property. Note that Class A is Residential Housing. For more details, see CLICK HERE.
2. Between the hours of 10 p.m. and 7 a.m., the noise limitations of the foregoing table shall be reduced by 10 dBA for receiving property within Class A EDNA's.
3. At any hour of the day or night the applicable noise limitations in subsections B.1. and 2. of this Section may be exceeded for any receiving property by no more than:
a. 5 dBA for a total of 15 minutes in any 1-hour period; or
b. 10 dBA for a total of 5 minutes in any 1-hour period; or
c. 15 dBA for a total of 1.5 minutes in any 1-hour period.
(Ord. 81-52 § 1 (part), 1981; prior Code § 66.10.060)
