Transit-Oriented Development around Metrorail Generates Local Tax Revenues
July 9th, 2013
Proximity to transit, especially high-quality, frequent, high-capacity rail, increases property values, attracts development and provides mobility choices. Property values are higher near Metro’s high-quality, high-frequency, high-capacity services, and deliver an incremental increase in total tax revenue to the Compact jurisdictions.
- Property taxes on land around Metrorail stations generate $3.1 billion annually in revenues to the jurisdictions.
- Of these revenues, $224 million is extra value that would not exist without Metro. This amount is equivalent to providing the following public services.
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The article should clarify that the tax revenue is in addition to the amount of tax revenue required to operate Metro and keep up with annual maintenance.