Added value to homes and neighborhoods
- Homes within ¼ mile of a Library are worth, on average, $9,630 more than homes more than ¼ mile from a Library. For homes between ¼ and ½ mile of a Library, the additional value is $650.
- Libraries are responsible for $698 million in home values in Philadelphia. That’s an increase in home values that homeowners can borrow against to finance education, home improvements and other types of spending.
- The additional home values generated by proximity to a Library produce an additional $18.5 million in property taxes to the City and School District each year. Under a scenario of accurate and timely assessments, this is how much property tax revenue could be lost per year if all libraries were closed.
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