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    • Journal of Range Management, Volume 49 (1996)
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    Public land policy and the market value of New Mexico ranches, 1979-94

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    Author
    Torell, L. A.
    Kincaid, M. E.
    Issue Date
    1996-05-01
    Keywords
    grazing permits
    land policy
    grazing tenancy
    econometric models
    public domain
    land values
    ranching
    range management
    New Mexico
    
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    Show full item record
    Citation
    Torell, L. A., & Kincaid, M. E. (1996). Public land policy and the market value of New Mexico ranches, 1979-94. Journal of Range Management, 49(3), 270-276.
    Publisher
    Society for Range Management
    Journal
    Journal of Range Management
    URI
    http://hdl.handle.net/10150/644305
    DOI
    10.2307/4002890
    Additional Links
    https://rangelands.org/
    Abstract
    Proposals outlined in Rangeland Reform '94 have been perceived to greatly alter grazing use on public lands. In addition to new rules and regulations, the grazing fee would double under this reform proposal. The debate about these controversial policies would be expected to affect the market value of public kind grazing permits. Regression models were developed using over 700 ranch sales to determine recent trends in market value for New Mexico ranches, including public land ranches. After 1988, nominal deeded ranch values were found to have increased by 3% per annum, but remained unchanged in 1992 constant dollars. This follows a 50% decline in real value from 1982-88. Ranches heavily dependent on Bureau of Land Management (BLM) land for grazing capacity decreased in real value by about 1.8% per annum over the 1988-94 study period. The United States Forest Service (USFS) has recently had the most controversial land use polices and the highest average total grazing costs. This has been reflected in the market value of USFS ranches, with a continued decrease in permit value; USFS ranches in New Mexico have lost 75% of their real value since 1982. Doubling grazing fees on New Mexico state trust lands contributed to a downward trend in leasehold value. Somewhat surprising, given the higher grazing fee on state trust lands, these permits increased in market value in both real (1.7% per year) and nominal (5% per year) terms after controversy about state lands subsided and federal land policies became more controversial.
    Type
    text
    Article
    Language
    en
    ISSN
    0022-409X
    ae974a485f413a2113503eed53cd6c53
    10.2307/4002890
    Scopus Count
    Collections
    Journal of Range Management, Volume 49, Number 3 (May 1996)

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