For a gut check, we did a little research and found overwhelming numbers-based evidence that large lot sizes and single-family detached homes are the least contributory to a city’s baseline revenue and value, however much some of us would like to think differently. In many cases across the country, these neighborhoods are net negative, which is fine because the city can make up the shortfall by flexing our codes for infill developments from investors willing to take a bet on Tullahoma, but it’s still very helpful to the conversation to have this information out in the public domain when we’re discoursing on strategic planning such as the Think Tullahoma 2040 project.
Those who live on large lots certainly should enjoy them, but we also shouldn’t kid ourselves that property taxes will go up if we start building higher-density subdivisions. These smart developments are contributory assets and stand astride the fact that our community needs affordable, smaller-footprint residences that are within the existing urban core of where people want to live.
Communities are shaped by the people and activities within them, and that’s a force, not an idea. This force is clearly being seen in how shallow our rental market is and by the noticeably lopsided property values for a home—any home—in Tullahoma. It’s written in the successful Parkview residences near the airport, which has monthly pricing that matches their properties in Knoxville, and it’s reflected by the increasing caliber of retail stores and restaurants that are setting up shop here.
The community is, writ large, demanding that the force of the marketplace enters the discussion, and we’d like to see that shaped into meaningful infill clusters that would mean walkable neighborhoods, affordable housing for our aging populace, starter homes for younger folks and, yes, big homes, too. The key is to create a mix of real estate that additionally sparks a sense of place (some people might call them neighborhoods) and sets the stage for an eloquent and impactful absorption of the energetic force emanating from outside our community.
Without a thoughtful plan for infill investments that include multi-family homes, condos and mixed-use commercial buildings, we will continue to have a patchwork quilt of developments that, if limited to single-family homes on larger lots that don’t speak to the need of our residents, will negatively affect our tax base.
Graphic source: https://fiscal.verdunity.com