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Hedonic Valuation of Farmland Using Sale Prices versus Appraised Values

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  • Shan Ma
  • Scott M. Swinton

Abstract

Farmland provides agricultural products and natural amenities, as well as residential sites. The emergence of exurbanization appears to be changing the demand for natural amenities and their role in determining land values. To better understand how appraised value and sale price capture the determinants of farmland value in a region facing exurbanization, this study applies the hedonic method to land transaction data in southwestern Michigan during 2003–2007. Results suggest that appraised values are a poor substitute for sale prices if the research goal is to understand dynamically evolving determinants of land value in exurbanizing regions, especially the value of natural amenities.

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File URL: http://le.uwpress.org/cgi/reprint/88/1/1
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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 88 (2012)
Issue (Month): 1 ()
Pages: 1-15

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Handle: RePEc:uwp:landec:v:88:y:2012:i:1:p:1-15

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Web page: http://le.uwpress.org/

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Cited by:
  1. Hansen, Winslow D. & Naughton, Helen T., 2013. "The effects of a spruce bark beetle outbreak and wildfires on property values in the wildland–urban interface of south-central Alaska, USA," Ecological Economics, Elsevier, vol. 96(C), pages 141-154.
  2. Frey, Elaine F. & Palin, Marissa B. & Walsh, Patrick J. & Whitcraft, Christine R., 2013. "Spatial Hedonic Valuation of a Multiuse Urban Wetland in Southern California," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 42(2), August.
  3. Allan, Corey & Kerr, Suzi, 2013. "Examining Patterns in and Drivers of Rural Land Values," 2013 Conference, August 28-30, 2013, Christchurch, New Zealand 160191, New Zealand Agricultural and Resource Economics Society.

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