Calculating Agricultural Use Values for Missouri Farmland

Most states in the United States utilize use value rather than market value approach to determine farmland values for property tax purposes. However, calculating the use value of agricultural land can be an extremely difficult task, since no published data exists for comparison to alternative computational methods. This study introduces use value estimation procedure and their estimates for Missouri using the historical and forecasted information generated from FAPRI modeling system. Agricultural land use valuation method for Missouri developed in this study would provide valuable information in determining Korean agricultural land property tax even though it would not be directly applicable to Korea.