The negative impacts on local property values from a quarry operation are not disputed. Reduction in property values could be as high as 30% or more, irrespective of whether a local resident actually sells his or her property. These impacts are PERMANENT losses.
- Adjacent properties may drop 30% with some estimates as high as 50%
- Properties within 1 mile may drop 14.5% with some estimates as high as 30%
- Properties within 2 miles may drop 8.9% with some estimates as high as 10%
- Properties within 3 miles may drop 4.9% with some estimates as high as 7%
There are instances when homes have suffered so much damage from mining operations that a homeowner had no recourse but to take legal action against the mining company and/or its contractors.
The impacts on property include but are not limited to, depreciation due to the locality of the mine, risk of foundation damage due to blasting, and the perceived or real concern for changes in local watershed or wetlands.
Based on average property values, the highest potential negative economic impact to the Clay could easily be as high as $212 million dollars. The lowest potential negative economic impact to Clay could still be as much as $62.5 million dollars.