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Planned NY Tunnel Will Increase Property Value

Property taxes

Property Taxes (credit: AP)

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NEW YORK  — A planned railroad tunnel between New York and New Jersey will increase property values in both states and double the number of people who can quickly get to Manhattan.

That’s according to a study released Thursday by the Regional Plan Association.

The urban research and advocacy group says home property values within walking distance of the train stations will increase as much as $29,000. Property taxes also will increase.

The project to create the one-mile tunnel is known as Access to the Region’s Core. It’s expected to be completed by 2018. It will double train capacity into and out of Manhattan by adding two single-track tunnels under the Hudson River.

More New Jersey residents are expected to work in New York because commuters will be able to get to Manhattan in less than an hour.

(Copyright 2010 by The Associated Press. All Rights Reserved.)