Agricultural Districts and Farmland Prices

Donald F. Vitaliano and Constance Hill

The Journal of Real Estate Finance and Economics, 1994, vol. 8, issue 3, pages 213-23

Abstract: A hedonic price equation of structureless farmland prices in New York State are fitted to 458 land transactions between 1982-1985. No capitalization is found of the state's Agricultural District farmland preservation program, which combines current-use property taxation with several development-inhibiting features. It is hypothesized that landowners avoid joining the program when it would threaten profits from a development sale, and that those who do participate gain little because agriculture is the highest value use of their land. Copyright 1994 by Kluwer Academic Publishers

Date: 1994
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Persistent link: http://EconPapers.repec.org/RePEc:kap:jrefec:v:8:y:1994:i:3:p:213-23

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