Mixed Use Outperforms Big Box Development
"Sarasota County Director of Smart Growth Peter Katz, speaking to a meeting of Citistates Associates here late last month, described a recent analysis of the county's property tax revenue per acre. He pointed first to residential areas. Not surprisingly, when you work the numbers on a per-acre basis, residential property inside the county's municipalities offered the biggest revenue per acre - a little more than $8,200 per acre for single family houses within the city of Sarasota. This makes sense, as in-town land values tend to be higher.
Next, Katz showed the results from retail properties. Here comes surprise No. 1.: Big box stores such as WalMart and Sam's Club, when analyzed for county property tax revenue per acre, produce barely more than a single family house; maybe $150 to $200 more a year, Katz said."
These findings challenge conventional wisdom, according to Newsom. More surprising is that mixed use developments produce even higher tax revenue-per-acre.