Conservation restrictions and farm prices in Minnesota
These data include nearly every farm sale in 6 economic regions in Minnesota from 2002-2011 that either has land enrolled in the federal Conservation Reserve Program, or CRP, or has no restrictions. A few sales with non-crp land easements were excluded. CRP enrollment is for a fixed period during which farmers agree not to grow crops for a fixed payment. This can effect sale price of land since buyers have fewer choices on use of land that could lower values, but also have guaranteed income for a fixed period that could raise values.
A data frame with 18700 observations on the following 10 variables.
sale price in dollars per acre. Sale prices were adjusted to a common date within the year. No inflation adjustment is made between years.
a factor with levels giving the geographic names of six economic regions of Minnesota. Excluded economic regions had few farm sales.
percentage of property value due to improvements. Minnesota assessors estimate values separately for land and buildings. This variable is the ratio of the building value to the total value.
year of sale, as a continuous variable, not as a factor. Most uses of this variable would require converting it to a factor.
size of the farm in acres
percentage of farm acreaage that is rated arable by the assessor
a factor with levels
the percentage of all farm acres enrolled in CRP
average agronomic productivity scaled 1 to 100, with larger numbers for more productive land. This score is based on University of Minnesota soil studies. This value is frequently missing because some counties never had the study done, and some county assessors are inconsistent in including this value in the record of the sale.
Data is collected from Minnesota counties. Some counties do not include the
productivity value in sales records, accounting for
most of the missing values. The variable
tillable is also frequently
S. J. Taff
Taff, S. J. and Weisberg, S. (2007). Compensated shrot-term conservation restrictions may reduce sale prices. The Appraisal Journal, 75(1), 45.
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