Understanding the Drivers of Forest, Residential, and Agricultural Land Values in Yamhill County Using Hedonic Models

This paper uses valuation data from Quotable Value New Zealand to examine changes in the value of the rural land in New Zealand between 1989 and 2003. The value of rural land reflects the profitability of agriculture as well as the returns to alternative land uses, and has a large impact on the prosperity of rural areas. The paper highlights the importance of both changes in land use and changes in the value of land in different uses in explaining overall changes in land values. It also examines the relationship among productive characteristics of the land, the local climate, various local amenities, and changes in land values and land use to better understand what factors have been driving overall changes in the value of rural land across New Zealand. We find that the real value of rural land in all uses increased substantially over the years being examined. Land use in rural areas also changed considerably during this period, but these changes in land use were essentially uncorrelated with changes in land values. Our regression results indicate that rural land values increased the most in less populated areas with good climates and local amenities. Initial land use also plays an important role in explaining the variation in changes in rural land values with greater increases in land values found in areas with more land initially devoted to urban uses and commercial forestry, and less land initially devoted to horticulture and lifestyle uses.

This paper uses valuation data from Quotable Value New Zealand to examine changes in the value of the rural land in New Zealand between 1989 and 2003. The value of rural land reflects the profitability of agriculture as well as the returns to alternative land uses, and has a large impact on the prosperity of rural areas. The paper highlights the importance of both changes in land use and changes in the value of land in different uses in explaining overall changes in land values. It also examines the relationship among productive characteristics of the land, the local climate, various local amenities, and changes in land values and land use to better understand what factors have been driving overall changes in the value of rural land across New Zealand. We find that the real value of rural land in all uses increased substantially over the years being examined. Land use in rural areas also changed considerably during this period, but these changes in land use were essentially uncorrelated with changes in land values. Our regression results indicate that rural land values increased the most in less populated areas with good climates and local amenities. Initial land use also plays an important role in explaining the variation in changes in rural land values with greater increases in land values found in areas with more land initially devoted to urban uses and commercial forestry, and less land initially devoted to horticulture and lifestyle uses.

Examining Changes in the Value of Rural Land in New Zealand between 1989 and 2003

Abstract. Evaluating residential property prices or land values is quite important for urban planning and government taxation as well. But it is generally difficult to predict land values accurately due to the dynamics of land prices, particularly in urban areas. Urban land values are mostly affected by natural environmental changes and various social and economic factors (Colwell & Munneke, 1997). Also, such socio economic factors are influencing both temporal and spatial aspects of land value, and therefore spatio-temporal clusters of land price changes will show local variations of land values very well. Specifically, the spatio-temporal hot spots might indicate highly increasing demand of lands in the urban area. In those areas, regulation against real estate speculation must be needed from the public perspective because such areas might impact on other area land prices and ultimately national economic status. Therefore, analyzing spatio-temporal aspects of the land price is essential for efficient urban planning and policy making. In this study, we attempt to detect spatio-temporal hot spots which are constantly increasing the value of residential property among real estate. Although there are many types of differently designated lands including such as commercial, agricultural, and lands for other usage, we focus on the residential lands to estimate land values in this research. The reason for this is because residential house price is substantially increasing and becoming one of sensitive issues of Seoul house market. Therefore, poor people or younger generation cannot afford such high housing expenses in Seoul. Also, house transaction data is much larger than other land usage data, and therefore it can be utilized for estimating land values more precisely. From 2011 to 2016, over 1.8 million housing transactions of lease and sale happened in Seoul. This big data on housing lease and sale transactions indicates the value of each location where the transaction occurred. Specifically, we utilize spatial interpolation method including Kriging and differential local Moran’s I approach based on housing transaction data in Seoul. Housing transaction data includes every transaction for sales and leases of the house for the particular period. By applying these methodologies, we can visualize spatio-temporal clusters of highly increasing land prices and interpret significant clusters in terms of social factors. In fact, land price distribution has been widely discussed associated with smart growth and urban development (American Planning Association, 2002; Kaiser et al., 1995). However, most studies have focused on urban development and expansion, rather than the changes in the land price. Moreover, many studies have applied remote sensing approach to analyze urban land expansion (Xiao et al., 2006; Magigi & Drescher, 2010). Notably, Hu et al., (2013) applied IDW to interpolate and estimating land prices with land samples. However, IDW has a shortcoming to interpolate the value which is distant from the sample points. In addition, even studies focusing on the land price have dealt with only one temporal period. From this research gap, we use the ordinary Kriging and differential local Moran’s I to detect and forecast local hot spots of land price changes. This research has conducted the following steps. At the first step, several transactions for the residential area are consolidated into a single land value indicator. Suppose that the residential rent consists of three factors that are housing price (P), deposit (D), and monthly rent (R). Each factor can be transformed into the value index (V) by the transformation formula below. After calculating the land value index from the transformation, the global trend of the value index is overlaid on each period. Figure 1. Shows the mean value index increased from 2011 to 2016. Then, square cells regularly spaced by 100 meters are generated over study area to perform the ordinary Kriging. After the ordinary Kriging, the land value index is assigned to each grid cell. Finally, differential local Moran’s I index is calculated based on the difference that value index change between each year. V = 0.75 * 0.005 * P + 0.005 * D + R As a result, the global trend of land value changes from 2011 to 2016 in Seoul is shown in Figure. 1. The mean value index is increasing constantly. The spatio-temporal hot spots of land price change are found where the value index increment exceeds the average value index increasing over Seoul. As a result, seven clusters are detected (Figure. 2).

This paper presents a study of the possibilities of using statistical indicators of the functioning of the agricultural sector of the region’s economy to estimate the value of agricultural land resources. The emerging market of agricultural land in the Russian Federation is characterized by a small number of annual transactions; therefore, the assessment of the value of land at the territorial and regional level based on the mechanisms of supply and demand is extremely difficult. To substantiate the tax base of land tax and (in some cases) the rent amount, the cadastral value of land plots is used, which is determined by the results of the state cadastral valuation of agricultural land. The methodology for cadastral valuation is debatable, since it does not provide for surveys of specific land plots; at the same time, it relies on indicators of soil quality. Therefore, its results may not be relevant, because they do not take into account important elements of economic fertility. The purpose of this study is to develop a methodological approach for estimating the value of land, which makes it possible to reflect the real economic potential of agricultural land in the region. This approach is based on the method of direct capitalization of the specific conditional net income calculated on the basis of statistical reports of agricultural producers. The methodology was tested on data from the Voronezh region, as a result of which the authors’ differentiation of municipal districts was formed according to the estimated value of agricultural land. According to the results of a comparative analysis, it is recommended to consider the issue of the advisability of changing the current methodology for assessing the value of agricultural land.

Public open spaces play a key role in urban environments, providing recreational opportunities, enhancing the quality of life, and contributing to the overall attractiveness of a neighborhood. Newly developed public open spaces on surrounding land value changes are important for urban planning and development. Within the last 10 years period most open spaces developed in the Colombo suburban area and there are clear land value changes in those areas. Bellanwila-Atthidiya Waras Ganga open space is one of the most attracted open space in the Colombo suburbs and significantly surrounding land values are changed after the project. This research aims to examine the effect on land values in surrounding area due to this project and research devotes a quantitative approach, using GIS based geo statistical analysis. Land value data, including sales transactions and property assessments, will be collected from relevant government agencies and real estate databases. The collected land value data was used to create geospatial maps using ArcGIS 10.8 spatial interpolation. Various proximity factors and demographic characteristics affected to change land values in this area, also considered for this analysis. Study results indicates, there is a significant relationship between residential land value changes in the lands surrounding public open space and it is 7.2% impact on land value changes The findings of this study provide valuable insights into the relationship between public open spaces and land values in the Colombo suburban area. The results are useful for urban planners, policymakers, and real estate developers about the potential economic benefits associated with public open spaces.

The issues of assessing the market value of agricultural land are considered. The purpose of the study is to analyze the specifics of determining the market value of agricultural land, and the factors affecting their value. Materials and methods. The study used approaches to assessing the market value of agricultural land, the regulatory framework governing the process of determining the market value, as well as the principles that guide the appraiser in determining the value of the object. Study results. The analysis of approaches and methods used in assessing the market value of agricultural land has shown that existing methods do not fully take into account the specifics of the assessed object in terms of determining the risks, which may eventually affect the market value. The market value of an agricultural land plot is influenced to a greater extent by natural factors, on which the efficiency of agricultural production depends, which should be taken into account when determining its value by a profitable approach. The Order of the Ministry of Property of the Russian Federation dated March 6, 2002 № 568-r (as amended on July 31, 2002) "On Approval of Methodological Recommendations for Determining the Market Value of Land Plots" contains instructions on determining the capitalization rate for the method of land rent capitalization and the method of intended use, in which calculation is reduced to doubling the risk-free income rate. As a result, it can be said that natural factors are not taken into account when calculating the market value of agricultural land plots. Based on the analysis, the factors determining the market value of agricultural land plots have been identified, which include the location of the site, its distance from the city, terrain and landscape, availability of communications (gas, water, electricity), the category of the land plot and the ways of its possible use, access roads, etc. Based on the correlation method, the main price-forming factors were determined. These include: the distance to the city (remoteness of the plot), the size of the plot, availability of communications. Conclusions. In addition to the general price-forming factors affecting the market value of agricultural land, natural ones can also be distinguished, on which the efficiency of agricultural production depends, which is used within the framework of a profitable approach.

According to the Regional Spatial Plan (RTRW) for the City of Semarang in 2011–2031, the area around Simpang Lima is part of City Area 1, with a function as the Central Business District (CBD). Losch (1954) suggests that the value of a parcel of land tends to decrease if it is away from the central business area. Therefore, this study investigated the relationship between changes in land value and the presence of CBD around the Simpang Lima CBD. The methods employed in this study are the calculation of the Average Indicated Value (NIR), analyzing changes in land value in 2012–2023, and the Geographically Weighted Regression (GWR). Based on an analysis of changes in land value for 2012–2023, it shows that the highest change in land value zone for 2012–2018 was in zone 166, with an increase of IDR 20,446,000, and the lowest change in land value was in zone 163, with a decrease of IDR 3,956,000. Meanwhile, the highest change in land value zone for 2018–2023 was in zone 84, with an increase of IDR 28,852,000, and the lowest change in land value was in zone 37, with an increase of IDR 217,000. The results of statistical tests using GWR show that the influence of the distance from the CBD on changes in land values in 2012–2023 is 84%, indicating a high correlation. The results of the T-test performed on each variable indicate that the variables significantly influencing changes in land value are shopping centers and road widths. Shopping centers have a negative correlation. On the other hand, the road width is positively correlation.

This research aims to identify (1) the difference in the value of agricultural land before and after becoming the Manado-Bitung toll road and (2) describe the social and economic changes of landowners in tumaluntung village. The study was conducted on the object of the constructions of the Manado-Bitung toll road in the village of Tumaluntung. The time of the study from august to November 2017 and continued in May until June 2019. The method used in this research is descriptive method presented in tabular form. Determination of the sample using the (purposive sampling) method. Primary data used in this study were obtained through interviews with 15 landowners. The secondary data obtained from the Tumaluntung village office, internet through google scholar to get articles from various scientific journals and theses from other tertiary institutions related to the topic of research on the value of agricultural land. The results of the study show that (1) the value of agricultural land before becoming the Manado-Bitung toll road is higher than the value of land after the toll road has been built. (2) improve social status (making current landowners better at meeting needs because land compensation money is used by landowners to be deposited into bank as investment capital such as boarding houses, bakeries, livestock business chiken, showroom, restaurant cars for purchasing capital for cars used for transportation service..*eprm*

This study examines how the value of residential land and structures evolved during the great housing boom and bust, using data on more than a million residential properties that were sold in 10 metropolitan areas between 1998 and 2009. We use a hedonic estimator to disentangle the market value of land and structures at a local (Census tract) level. Our estimates reveal substantial heterogeneity in the evolution of the market value of land and structures within metropolitan areas. Surprisingly, lowervalue land at the urban fringes of metropolitan areas was the most volatile during the boom-bust. (JEL R14, R21)

The developed, innovative method of estimating the impact of motorway on agricultural land allows determination of all the losses associated with the directions of this impact. The basis for the determination of losses is the analysis of variability in land use and the quality classes and location of access roads to the land along the axis of the planned motorway. The approved measure of the multidirectional impact of the motorway on agricultural land is a change in the value of land, which is designated taking into account the differentiation of their suitability for agricultural production. The developed method of determining the impact of motorway on agricultural land was presented on the example of A4 motorway section between Bratkowice and Mrowla. The existing section of motorway was assessed and then for the same section the calculations were made again, but with an alternative location of the motorway overpasses. In the case of the existing section, the construction of one kilometer of the section of motorway under consideration will result in a reduction in the value of agricultural land of 1725 cereal units. Acquisition of land for the construction of the motorway and its negative impact cover about 69% of the total reduction in value of agricultural land. The remaining 31% of the land value reduction is related to the increase in transport and the deterioration of the parcels layout. On the other hand, in the case of the section with alternative arrangement of viaducts, the value of agricultural land is reduced of 1538 cereal units. Acquisition of land under construction and its toxic impact will be equal 75%, while the combined effect of transport growth and deterioration of the layout makes 25%.

The developed, innovative method of estimating the impact of motorway on agricultural land allows determination of all the losses associated with the directions of this impact. The basis for the determination of losses is the analysis of variability in land use and the quality classes and location of access roads to the land along the axis of the planned motorway. The approved measure of the multidirectional impact of the motorway on agricultural land is a change in the value of land, which is determined with taking into account the differences of their suitability for agricultural production. The developed method of determining the impact of motorway on agricultural land was presented on the example of A4 motorway section between Jaźwiny and Góra Motyczna. The existing section of motorway was assessed and then for the same section, the calculations were made again, but with an alternative location of the motorway overpasses (flyovers). In the case of the existing section, the construction of one kilometer of the section of motorway under consideration will result in a reduction in the value of agricultural land of 2119 cereal units. Acquisition of land for the construction of the motorway and its negative impact cover about 78% of the total reduction in value of agricultural land. The remaining 22% of the land value reduction is related to the increase in transport and the deterioration of the plots layout. On the other hand, in the case of the section with alternative arrangement of overpasses, the value of agricultural land is reduced of 2088 cereal units. Acquisition of land under construction and under motorway’s toxic impact will be equal 79%, while the combined effect of transport growth and deterioration of the layout makes 21%.

The Valuation of Urban Land: Comparison and Critique of Three CAMA Methods

The authors quantitatively analyze the effect of railroad construction on agricultural land values in the often overlooked, agriculturally oriented, trans-Mississippi West. This region is unique in American history in that, at the end of the nineteenth century, the railroad itself preceded widespread settlement. Using a hedonic model, they show that railroad transport increased agricultural land values in this region by more than 20 percent, which had a larger impact than recent studies have found for other regions. Moreover, the authors found that the addition of a railroad to a county significantly increased its growth in land values. This finding is contrary to that of existing studies. Finally, the authors show statistically that the railroad and land values were not endogenously determined, lending credibility to the causality of the results presented in their hedonic and growth models. These results indicate a valuable alternative approach to use in the historical analysis of transportation infrastructure and its impact on land prices.

In choosing the level of quality to purchase, the buyer of a differentiated product also chooses a point on the marginal price schedule for that product. Hence, in general, the demand functions for product characteristics cannot be consistently estimated by ordinary least squares. Market equilibrium results in a matching of characteristics of demanders and suppliers. This matching restricts the use of buyer and seller characteristics as instruments when estimating demand and supply functions for product characteristics. The paper develops these issues. A stochastic structure for hedonic equilibrium models is then proposed, identification results are presented, and estimation procedures are outlined.