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Hedonic Valuation of Farmland Using Sale Prices versus Appraised Values

  • Shan Ma
  • Scott M. Swinton

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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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
Contact details of provider: Web page: http://le.uwpress.org/

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  1. Clapp, John M & Giaccotto, Carmelo, 1992. "Estimating Price Trends for Residential Property: A Comparison of Repeat Sales and Assessed Value Methods," The Journal of Real Estate Finance and Economics, Springer, vol. 5(4), pages 357-74, December.
  2. B. James Deaton & John P. Hoehn & Patricia E. Norris, 2007. "Net Buyers, Net Sellers, and Agricultural Landowner Support for Agricultural Zoning," Land Economics, University of Wisconsin Press, vol. 83(2), pages 153-165.
  3. Kelejian, Harry H & Prucha, Ingmar R, 1998. "A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 99-121, July.
  4. Wittenberg, Eric & Harsh, Stephen B., 2007. "2007 Michigan Land Values and Leasing Rates," Agricultural Economic Report Series 6317, Michigan State University, Department of Agricultural, Food, and Resource Economics.
  5. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
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