When it comes to US property law, air rights are an important concept to understand. Air rights refer to the space above a property that can be used in relation to the land. This includes the right to build up to a certain height, as well as the right to use airspace without interfering with a neighbor's space. The concept of air rights was first developed in 1908 with the construction of New York Central Terminal, and since then has been used in many different ways. Air rights are three-dimensional areas located above the Earth's surface, and transferring them presents a unique set of challenges.
They can be bought, leased, or sold, and can act as a price increase when selling a property. Air rights agreements can involve both public and private properties, and permission to transfer additional density rights to nearby properties can encourage desired development. When air rights are sold, the tax appraiser divides the assessed value of the land by a proportion of eighty percent with respect to the air rights part and twenty percent with the part of the subviaduct. The railroad offered air rights leases with annual rents equivalent to five percent of the fair value of all payment rights on the land in question. Recently, aviation requirements have abrogated private property rights to some extent. In summary, air rights refer to the space above a property that can be used in relation to the land.
They can be bought, leased, or sold, and permission to transfer additional density rights to nearby properties can encourage desired development. Air rights agreements can involve both public and private properties, and when air rights are sold, the tax appraiser divides the assessed value of the land by a proportion of eighty percent with respect to the air rights part and twenty percent with the part of the subviaduct.
