Capitalization of Open Spaces into Housing Values and the Residential Property Tax Revenue Impacts of Agricultural Easement Programs

Researchers in Maryland asked: if preserved open space increases property values on adjacent residential parcels, how many additional acres of open space could be preserved using the subsequent rise in property tax revenues? In Calvert County, the increase in tax revenue generated from a 1% increase in preserved agricultural land would be sufficient to purchase an additional 88 acres in the first year and 2,640 acres in 30 years. In Howard County, it would generate sufficient additional tax revenues to purchase 110 acres in one year and 3,300 acres in 30 years. (In Carroll County property values were not found to be affected by proximity to open space.)