New Land Valuation System for an Economy without a Land Market

A new land valuation system was developed, consisting of two elements: the ecological valuation of land, based on the fact that the natural dactors (soil, climate, land relief, and hydrological factors) can be separately valued and the result expressed by a single value, and the economic valuation of land, based on the principle of returns to land as a factor of production. The basis for the economic valuation of land is the earning of rent-like income on farms with better than marginal land. On the basis of differences in land rent, 23 such economic districts could be formed, taking in major areas of the country. The new land valuation system accounts for more of the variation in land rents than does the old system, or a system that only uses ecological factors.

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 Record created 2017-04-01, last modified 2018-01-22

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