This 16 page study Published in 2016 research was partially supported by the Intermodal Freight Transportation Institute and Sparks Bureau of Business and Economic Research, University of Memphis.
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CONCLUSION The central estimates show a range of between a 14 to 18 percent decrease in property value for residential properties for being located within the 65 decibel contour across the six crossings studied in the greater Memphis area.
Given the average home value included in the study of $116,472, this results in a decrease in property value of $16,306 to $20,965. When trying to place these findings in the context of other geographic areas, frequency and duration of noise exposure should be considered.
For commercial properties, there is no evidence of any impact (positive or negative) of noise exposure.
It should be kept in mind that this 14 to 18 percent decrease in residential property value was the result of a home being placed within the 65 decibel contour of a unique and active rail line. On average during the period of monitoring in 2010, 15.5 trains a day traversed the corridor. This resulted in over half an hour of the most intrusive noise pollution each day.
NOTE: The data set incorporated into this study consists of 1,035 records, of which 263 are commercial properties and 772 are residential properties. Assessed property values are based on various characteristics of the property, such as use (residential or commercial), square footage, age, quality of construction and condition, amenities, and location. In addition to general characteristics of the property and home, the county assessor’s office periodically visually inspects all properties to 4 Properties at the individual crossings are almost wholly contained in the same school districts. WALKER: SILENCE IS GOLDEN—RAILROAD NOISE POLLUTION AND PROPERTY VALUE 81 © Southern Regional Science Association 2016 ensure the records reflect actual characteristics and reviews and verifies market sales in the vicinity of each individual property if a recent realized sale value on the property is not available. The assessor’s office additionally takes into account cost and income data according to accepted appraisal practices, complete a market analysis using the Computer Assisted Mass Appraisal (CAMA) system, and compare properties of similar size, age, location, and description. CAMA is described as a system of appraising property that incorporates statistical analyses and adaptive estimation procedures to assist appraisers in estimating real property values.
