Zoning is something to consider when buying a property. It can have a variety of effects on your ownership and rights. According to Assessment Technologies, zoning has a large impact on the real estate market in several different ways.
Regulating types of property
One of the biggest ways zoning impacts real estate sales is that it tells you what you can and cannot do with a property. For example, while you can generally do whatever you want with your property, zoning laws could prevent you from running a business out of your home, for instance.
Zoning helps to create neighborhoods and business districts. For instance, it may ensure that you are not woken up by noise from a next door business at all hours of the night by preventing businesses from mixing with residential neighborhoods.
Zoning rules can maintain neighborhood safety by keeping out industrial buildings. They also help the environment by preventing development in protected wildlife areas. In short, zoning helps to keep areas of a city regulated to specific uses for overall safety and environmental preservation, among other benefits.
Zoning also impacts your property taxes and can affect your home’s market value. Zoning figures into the appraisal on your home. It could have an effect on potential buyers, which can increase or decrease your home depending on the negative or positive impacts of the zoning regulations.
When your home’s value changes because of zoning, it also changes your property taxes. You may end up paying more or you may even see a reduction in your taxes if zoning rules change.