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Capitalization of Open Spaces into Housing Values and the Residential Property Tax Revenue Impacts of Agricultural Easement Programs

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Author Info
Bucholtz, Shawn
Geoghegan, Jacqueline
Lynch, Lori

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Abstract

Using a unique spatial database, a hedonic model is developed to estimate the value to nearby residents of open space purchased through agricultural preservation programs in three Maryland counties. After correcting for endogeneity and spatial autocorrelation, the estimated coefficients are used to calculate the potential changes in housing values for a given change in neighborhood open space following an agricultural easement purchase. Then, using the current residential property tax for each parcel, the expected increase in county tax revenue is computed and this revenue is compared to the cost of preserving the lands.

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File URL: http://purl.umn.edu/31352
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Publisher Info
Article provided by Northeastern Agricultural and Resource Economics Association in its journal Agricultural and Resource Economics Review.

Volume (Year): 32 (2003)
Issue (Month): 1 (April)
Pages:
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Handle: RePEc:ags:arerjl:31352

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Keywords: Land Economics/Use;

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  1. Lichtenberg, Erik, 2008. "Open Space and Urban Sprawl: The Case of the Maryland Forest Conservation Act," Working Papers 37812, University of Maryland, Department of Agricultural and Resource Economics. [Downloadable!]
  2. Lynch, Lori & Duke, Joshua M., 2007. "Economic Benefits of Farmland Preservation: Evidence from the United States," Working Papers 7342, University of Maryland, Department of Agricultural and Resource Economics. [Downloadable!]
  3. Kathryn Anderson & Diana Weinhold, 2005. "Do Conservation Easements Reduce Land Prices? The Case of South Central Wisconsin," Urban/Regional 0506001, EconWPA. [Downloadable!]
    Other versions:
  4. Rahman, Shaikh Mahfuzur & Hardie, Ian, 2004. "Subdivision Specific Amenities And Residential Property Values," 2004 Annual meeting, August 1-4, Denver, CO 20270, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  5. Rahman, Shaikh Mahfuzur & Hardie, Ian, 2006. "Subdivision Specific Amenities and Residential Property Values," Working Papers 28596, University of Maryland, Department of Agricultural and Resource Economics. [Downloadable!]
  6. Abler, David, 2004. "Multifunctionality, Agricultural Policy, and Environmental Policy," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 33(1), April. [Downloadable!]
  7. Geerte Cotteleer & Tracy Stobbe & G. Cornelis van Kooten, 2008. "Expert Opinion versus Transaction Evidence: Using the Reilly Index to Measure Open Space premiums in the Urban-Rural Fringe," Working Papers 2008-06, University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group. [Downloadable!]
    Other versions:
  8. Kaltsas, Ioannis K. & Bosch, Darrell J. & McGuirk, Anya, 2008. "Residential Land Values in Urbanizing Areas," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(02), August. [Downloadable!]
  9. Uwasu, Michinori & Nelson, Erik & Polasky, Stephen, 2005. "Voting on Open Space: An Analysis of the Decision to Hold a Referendum and of Referendum Results," Staff Papers 13837, University of Minnesota, Department of Applied Economics. [Downloadable!]
  10. Munroe, Darla K. & Parker, Dawn C. & Campbell, Harrison S., Jr., 2004. "The Varied Impact Of Greenways On Residential Property Values In A Metropolitan, Micropolitan, And Rural Area: The Case Of The Catawba Regional Trail," 2004 Annual meeting, August 1-4, Denver, CO 19915, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  11. Cho, Seong-Hoon & Lambert, Dayton M. & Roberts, Roland K. & Kim, Seung Gyu, 2008. "Moderating Urban Sprawl through Land Value Taxation," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6150, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  12. Mueller, Daniel & Munroe, Darla K., 2004. "Tradeoffs Between Rural Development Policies And Forest Protection: Spatially-Explicit Modeling In The Central Highlands Of Vietnam," 2004 Annual meeting, August 1-4, Denver, CO 20264, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
    Other versions:
  13. Towe, Charles & Nickerson, Cynthia & Bockstael, Nancy, 2005. "An Empirical Examination of Real Options and the Timing of Land Conversions," 2005 Annual meeting, July 24-27, Providence, RI 19125, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  14. Travis Warziniack, 2009. "Efficiency of Public Goods Provision in Space," Working Papers 0483, University of Heidelberg, Department of Economics. [Downloadable!]
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