AN INQUIRY INTO THE IMPACT OF PARK LAND LOCATION UPON SINGLE FAMILY RESIDENTIAL PROPERTY VALUES IN MIDDLE AND UPPER INCOME COMMUNITIES IN WESTCHESTER COUNTY, NEW YORK

The study investigates the value relationship between public park land and single family homes in Westchester County, New York. It was hypothesized that single family residential properties immediately adjacent to community parks would have a higher value than similar properties in the same neighborhood not immediately adjacent to the park. The study used standardized assessment data gathered for 18 park - neighborhood combinations in 13 municipalities. This data constituted a population rather than a sample.; Data from the row of houses immediately facing the park was compared with data from the next two rows of houses. Comparisons were made using total assessed values and land only assessed values. Comparisons were also made for two-family properties. A test of the means of the two groups was done as the primary statistical test of the hypothesis.; Further research was done to determine if a distance factor was operative with respect to the value enhancement effect of the park on residential properties.; The results of the comparison of the aggregated data showed a small increase in values for the properties immediately facing the park. This finding was confirmed in a separate park-neighborhood analysis with 12 of the 18 study sites showing the value enhancement effect. However, the small size of the increase in values, coupled with a large standard deviation of the compared groups, resulted in the rejection of the hypothesis.; The conclusions of the study have implications in the fields of land economics, land use planning, real estate appraisal, and public policy.