Bus stop, property price and land value tax: A multilevel hedonic analysis with quantile calibration
Based on a multilevel and quantile hedonic analysis regarding the local public bus system and the prices of residential properties in Cardiff, Wales, we find strong evidence to support two research hypotheses: (a) the number of bus stops within walking distance (300–1500m) to a property is positively associated with the property's observed sale price, and (b) properties of higher market prices, compared with their cheaper counterparts, tend to benefit more from spatial proximity to the bus stop locations.