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Finding the Value of Urban Parking : An Analysis of the Impacts of Smart Parking Systems on Congestion and Land Values in Downtown Houston, Final Report
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  • Abstract:
    For this report, researchers have examined smart parking, which is a parking management tool that uses various technologies to aid drivers in efficiently locating and paying for available parking. Smart parking systems allow drivers to know where they will park before reaching their destination, in turn prompting more traffic to have a definitive destination when exiting from major roadways near dense urban areas. This leads to increased efficiencies of existing parking structures and land use, while also reducing congestion on both local and state roads. These systems work by allowing drivers to know where they will park before reaching their destination. Transportation investments such as these have the potential to increase overall accessibility, increasing land values in turn. Non-exempt properties with higher land values will pay a larger amount in ad valorem taxes to the different entities that have jurisdiction of the property. To provide funding for this system, researchers began identifying innovative strategies to capture this incremental property value change. Researchers anticipate that the implementation of smart parking systems will spark property redevelopment within an urban core, as land values increase and parking demand patterns change. Any parcel can be redeveloped to a certain extent, however, parcels with high land value and lower improvement values would be more likely to redevelop first. Surface parking lots, in this case, would be prime sites for redevelopment as the existing improvement value is typically low, and changes in parking patterns are expected to affect these lots the most. This report focuses on land use changes of these types of properties.
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