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An Evaluation of Working Land and Open Space Preservation Programs in Maryland: Are They Paying Too Much?

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Author Info
Lynch, Lori
Gray, Wayne
Geoghegan, Jacqueline

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Abstract

Farmland preservation programs compensate landowners who enroll for the value lost due to the the restrictions on development applied to their land. These restrictions in principle decrease the value of the land. Yet few studies have found strong statistical evidence that preserved parcels sell for lower prices than unpreserved parcels. We use both a hedonic and a propensity score method to find that preserved parcels sell for 11.4 to 19.8% less than identical unpreserved parcels in Maryland. While significant, a decrease of less than 20% in land value is surprisingly small. If impacts to land value are small, could programs pay landowners less to enroll and thus enroll more land?

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Publisher Info
Paper provided by University of Maryland, Department of Agricultural and Resource Economics in its series Working Papers with number 6887.

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Date of creation: 2007
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Handle: RePEc:ags:umdrwp:6887

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Keywords: Land Economics/Use;

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  1. Lori Lynch & Sabrina J. Lovell, 2003. "Combining Spatial and Survey Data to Explain Participation in Agricultural Land reservation Programs," Land Economics, University of Wisconsin Press, vol. 79(2), pages 259-276. [Downloadable!] (restricted)
  2. Plantinga, Andrew & Lubowski, Ruben & Stavins, Robert, 2002. "The Effects of Potential Land Development on Agricultural Land Prices," Working Paper Series rwp02-012, Harvard University, John F. Kennedy School of Government. [Downloadable!]
    Other versions:
  3. McConnell, K.E., 1989. "The Optimal Quantity Of Land In Agriculture," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 18(2), October. [Downloadable!]
  4. Lori Lynch & Wesley N. Musser, 2001. "A Relative Efficiency Analysis of Farmland Preservation Programs," Land Economics, University of Wisconsin Press, vol. 77(4), pages 577-594. [Downloadable!] (restricted)
    Other versions:
  5. Hardie, Ian W & Narayan, Tulika A & Gardner, Bruce L, 2001. " The Joint Influence of Agricultural and Nonfarm Factors on Real Estate Values: An Application to the Mid-Atlantic Region," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 83(1), pages 120-32, February. [Downloadable!] (restricted)
  6. Kathryn Anderson & Diana Weinhold, 2005. "Do Conservation Easements Reduce Land Prices? The Case of South Central Wisconsin," Urban/Regional 0506001, EconWPA. [Downloadable!]
    Other versions:
  7. Hellerstein, Daniel & Nickerson, Cynthia & Cooper, Joseph & Feather, Peter & Gadsby, Dwight & Mullarkey, Daniel & Tegene, Abebayehu & Barnard, Charles, 2002. "Farmland Protection: The Role Of Public Preferences For Rural Amenities," Agricultural Economics Reports 33963, United States Department of Agriculture, Economic Research Service. [Downloadable!]
  8. Daniel P. McMillen & John F. McDonald, 2002. "Land Values In A Newly Zoned City," The Review of Economics and Statistics, MIT Press, vol. 84(1), pages 62-72, February. [Downloadable!] (restricted)
  9. Lori Lynch & Wayne Gray & Jacqueline Geoghegan, 2007. "Are Farmland Preservation Program Easement Restrictions Capitalized into Farmland Prices? What Can a Propensity Score Matching Analysis Tell Us?," Review of Agricultural Economics, American Agricultural Economics Association, vol. 29(3), pages 502-509, 09. [Downloadable!] (restricted)
  10. Duke, Joshua M. & Ilvento, Thomas W., 2004. "A Conjoint Analysis of Public Preferences for Agricultural Land Preservation," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 33(2), October. [Downloadable!]
  11. Lynch, Lori & Carpenter, Janet, 2003. "Is There Evidence of a Critical Mass in the Mid-Atlantic Agriculture Sector Between 1949 and 1997?," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 32(1), April. [Downloadable!]
  12. Capozza, Dennis R. & Helsley, Robert W., 1989. "The fundamentals of land prices and urban growth," Journal of Urban Economics, Elsevier, vol. 26(3), pages 295-306, November. [Downloadable!] (restricted)
  13. Nickerson, Cynthia J & Lynch, Lori, 2001. " The Effect of Farmland Preservation Programs on Farmland Prices," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 83(2), pages 341-51, May. [Downloadable!] (restricted)
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