|
| Holtman, Charles; Taff, Steven J.; Meyer, Aaron J.; Leitch, Jay A.. |
| Ownership in property can be thought of as ownership of the rights to the "incomes" associated with different uses of the property. Each potential use has a separate economic value, which can be ranked if put into money terms. The property's market value is usually held to be the highest income on that ranking. Wetland protection regulations might shift the ownership of some of these rights from private to public entities or restrict the exercise of some rights. This can result in a reduction of the property's market value, if the regulation precludes access to the income from the highest ranking use. A regulation can never increase the economic value of a property from the owner's perspective. Whether or not a reduction in property value is considered... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Land Economics/Use. |
| Ano: 1996 |
URL: http://purl.umn.edu/13816 |
