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Updated: 03/06/2018 04:32:25PM

The value of the land

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There are basically two concepts associated with valuing land. These are identified as the market price approach and non-market valuation. The market price approach is relatively straightforward and involves establishing value for goods traditionally sold in commercial markets.

However, much of the land issues that confront the Florida Fish and Wildlife Conservation Commission may be classified as environmental lands. Here, there is a fundamental distinction in economics between market and non-market goods and services. Goods and services in an established market are sold for prices that reflect a balance between the cost of production and what people are willing to pay.

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