RT Journal Article SR Electronic T1 Maintaining Public Goods: The Capitalized Value of Local Park Renovations JF Land Economics JO Land Econ FD University of Wisconsin Press SP 96 OP 116 DO 10.3368/le.92.1.96 VO 92 IS 1 A1 Mitchell R. Livy A1 H. Allen Klaiber YR 2016 UL http://le.uwpress.org/content/92/1/96.abstract AB This study provides new evidence of the capitalized value of local parks by estimating the impact on surrounding home prices associated with renovations of specific local park attributes. These results shed light on an empirical puzzle in the existing literature that single-family residential homeowners have a surprisingly low valuation associated with living in close proximity to local parks. Using property fixed effects models with time-varying renovations data, we disaggregate the bundle of amenities comprising local parks and find that the capitalization of renovations is heterogeneous and depends on the specific park attributes undergoing renovation. (JEL Q51, Q58)