COST TO CREATE SCHOOLS

If any of these neighborhoods’ demographics change again, both Beaverton and Clackamas school districts are dramatically experiencing change, new schools will have to be built.  An analysis of the cost to create was performed based upon the square footage of current existing elementary and middle schools.  The cost to construct an elementary school building, land not included, in 2005 would likely cost between $105.00-$140.00 per square foot or cost taxpayers $8,000,000 to build a new school the size of Richmond Elementary School.  The cost to construct a middle school building, land not included, in 2005 would likely cost between $112.00-$150.00 per square foot or cost taxpayers $14,000,000 to build a new school the size of Tubman Middle School.   The cost to acquire the land based upon the current tax assessed value of the land would be $6,713,390.  Assuming the land can be found and assembled within Portland’s high density neighborhoods, thanks to the success of our Urban Growth boundaries.  The school district could find itself forced to purchase existing residences for tear down driving the cost to re-build much higher. 

TAX ASSESSED VALUE OF SCHOOLS TO BE CLOSED

Consider the tax assessed value of these seven schools slated for closure.  Below is a table of the most current (2003) tax assessed values.  The table provides the county’s value allocation for both the land and the improvements (structures).

Note that land values account for less than 15% of the property value.  In other words, 85% of the value of these properties are in the buildings.  Based upon the data, land value is likely what these schools will sell for as they are generally located in the heart of residential neighborhoods.  Rezoning residential land is not viable in Portland.

Development Facts in the City of Portland »