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.
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Vitaliano, D.F., Hill, C. Agricultural districts and farmland prices. J Real Estate Finan Econ 8, 213–223 (1994). https://doi.org/10.1007/BF01096992
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DOI: https://doi.org/10.1007/BF01096992