HVTLSHigh-Voltage Transmission Line System
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Based on his interviews, Chapman finds no basis for consequential damages to industrial properties based on proximity to HVTLs. He also provides an informative discussion of property rights issues and remainder parcel configuration issues that can arise when appraising industrial properties in an eminent domain setting.
Their study found no significant price effect from proximity to, or visibility of, HVTLs. They did investigate whether or not higher-valued properties were affected, operationalizing "higher valued" as prices in excess of the median price.
It examines the price effect of abutting high-voltage transmission line (HVTL) rights of way.
However, if the HVTL issue is correlated with some other issues, it may not be reliable in determining value effects of HVTL proximity.
A thorough reading of the literature on the impacts of high-voltage transmission lines leads to a conclusion that the effect of adjoining an HVTL easement can range widely, which is only common sense.
In the past couple years, I have reviewed some appraisals for condemnation of HVTL easements across the front yards of groups of homes.
Over the past twenty-five years, the literature has increasingly recognized multiple regression analysis as the most reliable technique to investigate whether HVTLs impact property values and, if so, to quantify the effect.
How can it be that if people are so intensely adverse to HVTLs, we do not see more of a market effect?
If the first of the locations (Discovery Bay) cited by the authors had been visited, they would have found that the HVTL upon which they based their opinions does not bisect the 3,300+ lot development, but runs along its west side by a distance of about 50 feet at its closest point; however, as a result of the angle of the line, less than ten lots are within 100 feet of the line, and less than 1% are within 500 feet of the line.
The second development (Summer Lake) cited by the authors is bisected by an HVTL and lots were aligned along the right-of-way, but the authors never checked the price paid by the developer for the land.
After going through the original data files and adding four subject properties not used in the original study and comparable sales not required for the original study's analytical method, the number of observations in the current study grew to 712, including 300 subject properties abutting an HVTL. Geographically 374 sales were in King County; Washington; 102 were in Clark County, Washington; 227 were in Washington County, Oregon; and 9 were in Clackamas County, Oregon.
Abutting transmission line is the factor of interest and is present at 300 observations, as shown in Table 1 (412 observations do not abut an HVTL).