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The Effect of Underground Storage Tanks on Residential Property Values in Cuyahoga County, Ohio

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  • Robert Simons
  • William Levin
  • Arthur Sementelli

Abstract

This study considers the effect of underground storage tanks on residential sales price. These effects are tested with a hedonic pricing model for all 1992 residential sales in Cuyahoga County, Ohio. Three types of tanks were tested: non-leaking tanks registered with the State of Ohio, leaking tanks that are currently not registered, and registered leakers. Results show that close proximity (same block or within 300 feet) to registered, non-leaking tanks and to unregistered leakers did not significantly affect sales price. However, proximity to a leaking, registered tank demonstrated a reduction in price of over 17%.

Suggested Citation

  • Robert Simons & William Levin & Arthur Sementelli, 1997. "The Effect of Underground Storage Tanks on Residential Property Values in Cuyahoga County, Ohio," Journal of Real Estate Research, Taylor & Francis Journals, vol. 14(1), pages 29-42, January.
    • Handle: RePEc:taf:rjerxx:v:14:y:1997:i:1:p:29-42
    DOI: 10.1080/10835547.1997.12090890
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