By Evan Bell | Cronkite News Service
A recent article appearing in the Mohave Valley Daily News states that a new report claims that property values could decline along with projected decreases in the level of the Colorado River, as demand on the river outpaces supply of water in it.
The report by Protect the Flows predicts that home values along the river and its tributaries could fall an average of 9.5 percent if flows declined 20 percent, which could happen by 2063, according to a government study released in December.
Homes with a river view would fall 5.7 percent in that scenario and all other homes would lose 1.7 percent in value in the four markets studied in the report.
“There’s an immense economic value of keeping water in the rivers,” said Molly Mugglestone, co-director of Protect the Flows, which identifies itself as a group of 800 businesses working to protect the Colorado River.
Besides hitting homeowners, lowered property values could ultimately affect state and local government revenues from property taxes, the report said.
