I was thinking about the impact on home prices in the both School Lane Hills and Barrcrest as a result of the rail yard relocation.
Over the past couple months I’ve noticed that there have been some sales in School Lane Hills that seem significantly below prices from recent years. Perhaps this may be attributed to the general, nationwide decline in real estate due to the economic downturn and the fallout from ridiculously lenient lending practices over the past decade.
If the extent of the decline in School Lane Hills/Barrcrest is greater than what it should have been given the above factors and that this difference can be attributed to the rail yard relocation, then property in these developments should be eligible, I think, for general reassessment. Depending on the amount of the downward reassessment, this might have a noticeable impact on tax revenues to the impacted townships and school districts and, in turn, provide a reason to re-think the relocation.
