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Economic Profile Calculator for Electronic Spreadsheets: User's Manual

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Abstract

Enacted by the New York State legislature in April 1980, Chapter 79 of the Laws of 1980 altered the procedures for valuing qualified farmland in real estate tax calculations. The valuation procedure was changed by this legislation from a market base to an income capitalization approach. Stipulated in the legislation was a land classification system to be developed and administered by the New York Department of Agriculture and Markets. The State Board of Equalization and Assessment was directed to calculate land values for each soil group in the land classification system, using the income capitalization approach. The income capitalization approach was first implemented in 1981. Economic profiles for 1975 through 1979, 1976 through 1980, 1977 through 1981, and 1978 through 1982 have been constructed for corn, hay and pasture and conveyed to the State Division of Equalization and Assessment. 1 Agricultural land values are calculated by the State Division of Equalization and Assessment. They consider corn, hay, pasture and other crop economic profiles. Information on the procedures for determining agricultural land values has been contained in a report by the State Board of Equalization and Assessment. The latest version is in the Proposed 1984 Farmland Use Values for Agricultural Value Assessment in New York, be published early in 1984. PURPOSE The purpose of this bulletin is to describe a computerized procedure for calculating corn, hay and pasture economic profiles for various soil groups (currently 14 groups) using prices from different time periods. In this document, the term "economic profile" refers to the information required to determine the return to land for one high- or low-lime soil group.

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A.E. Ext. 84-18

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1984-05

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Charles H. Dyson School of Applied Economics and Management, Cornell University

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