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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

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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Bibliographic 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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Web page: http://www.narea.org/
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Related research

Keywords: Land Economics/Use;

References

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  1. Cynthia J. Nickerson & Lori Lynch, 2001. "The Effect of Farmland Preservation Programs on Farmland Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(2), pages 341-351.
  2. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November.
  3. Tyrvainen, Liisa & Miettinen, Antti, 2000. "Property Prices and Urban Forest Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 205-223, March.
  4. Halstead, John M., 1984. "Measuring the Nonmarket Value of Massachusetts Agricultural Land: A Case Study," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 13(1:), April.
  5. Melville McMillan, 1975. ""Open Space Preservation in Developing Areas: An Alternative Policy": Reply," Land Economics, University of Wisconsin Press, vol. 51(4), pages 385-393.
  6. Guy Garrod & Ken Willis, 1992. "The amenity value of woodland in Great Britain: A comparison of economic estimates," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 2(4), pages 415-434, July.
  7. Bromley, Daniel W & Hodge, Ian, 1990. "Private Property Rights and Presumptive Policy Entitlements: Reconsidering the Premises of Rural Policy," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 17(2), pages 197-214.
  8. Nancy E. Bockstael, 1996. "Modeling Economics and Ecology: The Importance of a Spatial Perspective," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(5), pages 1168-1180.
  9. Kline, Jeffrey & Wichelns, Dennis, 1996. "Measuring Public Preferences for the Environmental Amenities Provided by Farmland," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 23(4), pages 421-36.
  10. Elena G. Irwin & Nancy E. Bockstael, 2001. "The Problem of Identifying Land Use Spillovers: Measuring the Effects of Open Space on Residential Property Values," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(3), pages 698-704.
  11. Jeffrey Kline & Dennis Wichelns, 1994. "Using Referendum Data to Characterize Public Support for Purchasing Development Rights to Farmland," Land Economics, University of Wisconsin Press, vol. 70(2), pages 223-233.
  12. Geoghegan, Jacqueline & Wainger, Lisa A. & Bockstael, Nancy E., 1997. "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS," Ecological Economics, Elsevier, vol. 23(3), pages 251-264, December.
  13. Kline, Jeffrey & Wichelns, Dennis, 1998. "Measuring heterogeneous preferences for preserving farmland and open space," Ecological Economics, Elsevier, vol. 26(2), pages 211-224, August.
  14. Lovell, Sabrina J. & Lynch, Lori, 2002. "Hedonic Price Analysis Of Easement Payments In Agricultural Land Preservation Programs," Working Papers 28564, University of Maryland, Department of Agricultural and Resource Economics.
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