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The problem considered in this study arose from the need for an emperlcal analysis of the sale value of land to determine if the increased price benefits of the governmental flue-cured tobacco program have been absorbed by higher land rents. If acreage allotments giving the right to produce tobacco under the program are capitalized into farmland values to an appreciable extent, the program objective of increasing farm incomes would be partially defeated through higher rents. The objective of this study was to determine the extent to which allotments have been capitalized into land values. Data on sale value of farms and factors expected to influence the farm sale value were secured from primary public record sources for the four-year period from 1954 to 1957 in two distinctly different flue-cured tobacco regions--Pittsylvania County, Virginia, and Wilson, Greene, and Pitt Counties, North Carolina. These data were analyzed by a multiple regression statistical technique designed to measure the value of an acre of tobacco allotment es a right to produce. The statistical coefficients indicated that an acre of tobacco allotment increased in value from $962 in 1954 to $1,673 in 1957 for Pittsylvania County and from $1,830 to $3,308 for Wilson, Greene, and Pitt Counties. The size of the values for an acre of tobacco allotment as well as the increase in values over the four-year period during which allotments were reduced under the program by 33 percent indicate that an appreciable proportion of the price·rais1ng benefits of the program have been capitalized into land values. / Master of Science

Call number: LD2668 .T4 1957 M15 / Master of Science

This thesis is an implicit farmland value study which explores the possible effects of agricultural commodity prices, interest rate and land reform issues on farmland values. The study examines the impacts of these fundamental factors (interest rates and returns to farmland as determined by crop prices) on sugar cane farmland values, maize farmland values, on deciduous fruit (apples and pears) farmland values, and on aggregate South African farmland values. Expectations are that land reform influences the demand for farmland. Since farmland prices are demand driven, changes in the demand for farmland (as influenced by land reform issues) may result in changes in farmland prices. The study thus seeks to empirically examine, to a larger extent, the long-run influence of endogenous factors on farmland prices. Causes of cyclical behaviour in farmland prices are also examined. The study draws on cross-sectional and time series studies of previous research on farmland values. The maximum likelihood Johansen (1991) procedure of cointegration is used to estimate the relationship between fundamental factors and farmland values. The logit model is used to estimate the influence of land reform on the demand for farmland, hence farmland prices. Unit root and the Johansen cointegration test results proved that long-run relationships exist between farmland values and returns to farmland; the use of cointegration methods was thus recommended. Long-run changes in farmland prices are caused by fundamental factors. Short-run variations in farmland prices are caused by exogenous factors that affect net farm income and this lead to boom-bust cycles in farmland values. / Thesis (M.Comm.) - University of KwaZulu-Natal, Pietermaritzburg, 2009.

Call number: LD2668 .T4 1985 K56 / Master of Science

Call number: LD2668 .T4 1955 C67 / Master of Science

Thesis (MScAgric) -- Stellenbosch University, 2011. / ENGLISH ABSTRACT: In South Africa more than 80 percent of the total land area is used for agriculture and subsistence livelihoods. A land transaction is generally not a recurring action for most buyers and sellers, their experience and knowledge are limited, for this reason the services of property agents and valuers are sometimes used, just to get more information available. The condition of insufficient information and the inability to observe differences in land productivity gives rise to the undervaluation of good land and overvaluation of poor land. The value of a property plays an important role in the acquisition of a bond, in this context farm valuations are essential and therefore commercial banks make more use of specialist businesses that have professional valuers available. The advent of the Internet made access to comprehensive information sources easier for property agents and valuers whose critical time and resources can now be effectively managed through Geographic Information System (GIS) integrated workflow processes. This study aims to develop the blueprint for a farm valuation support system (FVSS) that assists valuers in their application of the comparable sales method by enabling them to do the following: (1) Rapid identification of the location of the subject property and transaction properties on an electronic map. (2) Comparison of the subject property with the transaction properties in terms of value contributing attributes that can be expressed in a spatial format, mainly a) location and b) land resource quality factors not considered in existing valuation systems that primarily focus on residential property. Interpretation of soil characteristics to determine the suitability of a soil for annual or perennial crops requires specialized knowledge of soil scientists, knowledge not normally found among property valuers or estate agents. For this reason an algorithm, that generates an index value, was developed to allow easy comparison of the land of a subject property and that of transaction properties. Whether this index value reflects the soil suitability of different areas sufficiently accurate was confirmed by soil suitability data of the Breede and Berg River areas, which were obtained by soil scientists by means of a reconnaissance soil survey. This index value distinguishes the proposed FVSS from other existing property valuation systems and can therefore be used by valuers as a first approximation of a property’s soil suitability, before doing further field work. A nationwide survey was done among valuers and estate agents that provided information for the design of the proposed FVSS and proved that the need for such a system does exist and that it will be used by valuers. / AFRIKAANSE OPSOMMING: Meer as 80 persent van die totale grondoppervlakte in Suid-Afrika word gebruik vir landbou en bestaansboerdery. 'n Grondtransaksie is oor die algemeen nie 'n herhalende aksie vir die meeste kopers en verkopers nie, hul ervaring en kennis is beperk, om hierdie rede word die dienste van eiendomsagente en waardeerders soms gebruik om meer inligting beskikbaar te kry. Die toestand van onvoldoende inligting en die onvermoë om verskille in grondproduktiwiteit te identifiseer gee aanleiding tot die onderwaardering van goeie grond en oorwaardering van swak grond. Die waarde van 'n eiendom speel 'n belangrike rol in die verkryging van 'n verband. In hierdie konteks is plaaswaardasies noodsaaklik en daarom maak kommersiële banke meer gebruik van gespesialiseerde maatskappye wat oor professionele waardeerders beskik. Die koms van die Internet het toegang tot omvattende inligtingsbronne makliker gemaak vir eiendomsagente en waardeerders wie se kritiese tyd en hulpbronne nou effektief bestuur kan word deur middel van Geografiese Inligtingstelsel (GIS) geïntegreerde werksprosesse. Hierdie studie poog om die bloudruk vir 'n plaaswaardasie ondersteuningstelsel te ontwikkel wat waardeerders sal help in hul toepassing van die vergelykbare verkope metode deur hul in staat te stel om die volgende te doen: (1) Vinnige identifisering van die ligging van die betrokke onderwerp eiendom en transaksie eiendomme op 'n elektroniese kaart. (2) Vergelyking van die onderwerp eiendom met transaksie eiendomme in terme van waardedraende eienskappe wat in 'n ruimtelike formaat uitgedruk word, hoofsaaklik a) ligging en b) bodem gehaltefaktore wat nie oorweeg word in bestaande residensieel georiënteerde waardasiestelsels nie. Interpretasie van grondeienskappe om die geskiktheid van grond vir eenjarige of meerjarige gewasse te bepaal vereis gespesialiseerde kennis van grondkundiges, kennis wat nie normaalweg gevind word onder eiendomswaardeerders of eiendomsagente nie. Om hierdie rede is 'n algoritme ontwikkel sodat die grond van ‘n onderwerp eiendom d.m.v. ‘n indekswaarde met transaksie eiendomme vergelyk kan word. Die indekswaarde is akkuraat genoeg bevestig toe dit vergelyk is met grond geskiktheidsdata wat deur grondkundiges in die Breede- en Bergrivier gebiede ingesamel is. Hierdie indekswaarde onderskei die voorgestelde plaaswaardasie ondersteuningstelsel van ander bestaande eiendom waardasiestelsels en kan dus deur waardeerders gebruik word as 'n eerste bepaling van 'n eiendom se grond geskiktheid, voordat verdere veldwerk gedoen word. 'n Landwye opname is gedoen onder waardeerders en eiendomsagente wat inligting voorsien het vir die ontwerp van die voorgestelde plaaswaardasie ondersteuningstelsel, asook bewys gelewer het dat daar ‘n behoefte aan so 'n stelsel bestaan en dat dit deur waardeerders gebruik sal word.

Thesis (PhD(Agric) (Agriculture))--University of Stellenbosch, 2009. / Traditionally, agricultural land was regarded mainly as a production factor. Accordingly, in their application of the market sales comparison approach to agricultural land, valuers relied on a set of attributes related to agricultural production as the primary determinants of an agricultural property’s highest and best use (HBU) and market value. These characteristics were measurable and related to the property’s income-generating capacity. The emergence of a multi-functional rural land market with alternative uses of agricultural land, such as for lifestyle purposes, has transformed this concept. Lifestyle inspired buyers often focus on a wider range of attributes not necessarily related to income, but associated more with satisfaction derived from the property. This creates a measurement problem for agricultural land valuers, as the characteristics valued by lifestyle buyers are more intangible and subjective, which leave valuers without a base from which to value such properties. The presence of lifestyle inspired buyers makes agricultural land valuations more demanding as it implies different interpretations of the same farm and complicates the choice of a single HBU. The continued use of familiar conventional farming attributes by valuers when valuing farms where lifestyle motivations are present, and the omission of less measurable characteristics, implies that the market sales comparison method cannot be executed accurately. The objectives of the study were twofold: to reveal the dominance of value attributes applicable to farming as HBU when valuing farms bought primarily for lifestyle purposes and to identify the characteristics of land important to lifestyle inspired farm buyers.

Research has shown that acreage restrictions in flue-cured tobacco production have resulted in the capitalization of a portion of the future benefits of the price-support program into land values. Higher net income for farmers, the primary objective of the program, is therefore defeated through higher land cost and increased rents. The objective of this study was to derive empirical estimates of the capitalized value of an acre of tobacco during 1958-1961 in Pittsylvania County. The estimates were compared with those obtained in a previous study for the years 1954-1957. In addition, some analysis was made of factors which influence the price of farmland but which were difficult, if not impossible, to quantify as continuous variables for statistical measurement. Data on sale value of farms and factors thought to influence sale value were secured from public records. These data were analyzed by a multiple linear regression statistical technique to measure the value of an acre of tobacco allotment as a right to produce tobacco. Partial regression coefficients indicated that an acre of allotment was worth $833, $1,216, $1,453, and $1,460 for the four years, 1958-1961, respectively and $1,345 for the four years combined. Questionnaire data secured from buyers indicated that there were several distinct types of buyers on the land market and that the type of buyer influenced the type of farm purchased. Further, some differences in type of sale, number of buyers competing for a farm, variation in reason for purchase, and buyers' knowledge of market affected the sale price of tobacco farms. / M.S.