A Model of "Tax-Free" Exchange of Farmland

Peter F Colwell and Carolyn A Dehring

The Journal of Real Estate Finance and Economics, 2001, vol. 23, issue 1, 95-112

Abstract: This study considers the alternatives available for transferring agricultural property on the urban periphery. The model examines the conditions under which market participants sell or exchange farmland. Contrary to popular opinion, we find that simultaneous exchanges are still feasible in the presence of delayed exchanges, particularly when the relinquished property is very large. The model also explains the observed phenomenon that the sellers of agricultural property get replacement properties of lesser market value in exchanges. Copyright 2001 by Kluwer Academic Publishers

Date: 2001
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