Impact of New Procedures for Estimating Agricultural Use Values in New York
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This paper examines the implications of New
York's new procedures for determining agricultural
values for use-value assessment purposes. It
has been argued that use values based on comparable
sales, regardless of efforts to confine the
data to farm-to-farm sales, still contained some
speculative influences, which in turn, inflated
use-value estimates in an urban state like New
York. Interestingly, this paper shows that the
Legislature's remedy -- use-value estimates based
on capitalized net returns to land -- is likely
to bring with it rather substantial increases in
use values estimated for much of the State's
cropland base.