Agriculture is a branch of farming that deals with the production and study of cultivated plants in fields, meadows, and pastures, intended for human and animal consumption as well as industrial processing.
Reasons for determining the value of agricultural goods:
- As collateral for a mortgage loan
- As real estate during privatization
- In case of expropriation
- Inheritance division
- For insurance purposes
- For taxation
- Determining the initial price in auctions and sales for debt settlement
- Determining the amount of compensation for damage in case of natural disasters
In determining the price of land, the following approaches are used:
- Market approach
- Fair value approach
- Cost approach
- Income approach