Submitted by Ingrid Protacio on Tue, 04/24/2012 - 11:32
The push for sustainable energy is undeniable. From such personal changes like reusable bags for Sunday shopping and personal tax credits for public transit passes to industry changes like LEED certification that is quickly becoming status quo, the effect is evident.
Albeit smaller in scale, the decision referenced in this article may possibly set the precedent on non-residential real estate values properties with proximity to green energy sources.
Ontario's Assessment Review Board (ARB) has rejected the position the rural residential owner has declared. According to the ARB, the proximity to wind turbines has not significantly decreased the value of their home, despite the owner's arguments about the noise and environmental disadvantages it places on them. Critical to the decision is MPAC's stand that the assessment algorithm they use does not factor in proximity to wind turbines. Of note is that when settlement of the case was being discussed, MPAC had ensured that any settlement agreement would make no reference to wind turbines.
Only time will tell how this decision will translate to non-residential property values and whether the models that assessment authorities use will be modified in the nearby future to accomodate for alternative or "green" sources of energy.