Determinants of Rural Property Values in Georgia

Abstract

Recent patterns of rural land use in Georgia have stressed urban aggrandizement and the transformation of a significant portion of the available rural land into forests. The area covered by commercial forests in Georgia has increased 21 percent over the past quarter century to the point where two out of every three acres in Georgia are presently growing tree crops. During the 1958-68 decade the proportion of land in farms in Georgia fell from 31.3 percent to 27.0 percent, representing a withdrawal of approximately 1.6 million acres from farm use. As a partial consequence of this shift in rural land use patterns, the price of farm land over the past ten years has increased more rapidly in Georgia than in any other state but one.

The Importance of Locational Characteristics in Determining Rural Land Prices

“…In recent years, the topic of land prices has received considerable att•ention in the literature [1,2,3,4,5,6,7,8,9,10,11,12,13,16,17,18]. Part of the interest stems from the importance of land as a factor of production in agriculture.…”

The Impact of Property Tax Equalization on Rural Property in Oklahoma

“…The state's constitution stip-law) and among counties for any given class of ulates that property must be assessed at no more property.4 As a result of the school funding than 35 percent of its appraisal value.2 Most system, providing amounts of state assistance counties levy maximum millage rates allowed necessary to bring revenue per ADA in each disby law. 3 The constitution further provides that trict up to a certain minimum level, taxpayers different classes of property may be assessed in counties with high assessments subsidize taxat different ratios so long as the assessment for payers in counties with lower ones. That is, the Assistant Professor, Oklahoma State University, Journal Article J-3046 of the Oklahoma Agricultural Experiment Station.…”

“…The most striking aspect of Table 1 data pre-the level of local property taxes [3,9,13]. Consesented is the rather small difference between quently, the model below was developed and its assessment ratios in different quintiles.…”

“…The constitution was amended in 1972 to permit use value assessment. In 1974 the legislature mandated that all counties be reappraised on a use value basis by 1979 3. For instance, counties are limited by the state constitution to no more than 10 mills and schools are limited to 35 mills for operating expenses.…”

The Incidence of Property Taxes on Agricultural Land

“…The incidence of property taxes on that portion of farm property that is reproducible is not treated in this paper. [1,9]. the expense of consumers.…”