Abstract
Under the free trade land market with no regulation of land use conversion, there would be not so much difference
between land prices of residential lots and agricultural lots, so as to real estate property tax. This is impartial, however,
farmland cannot be maintained if the property tax payment, which is same amount as housing lots, exceeds the agricultural
income. This paper reveals the fact that the regulation of land use conversion on farmland must be needed in order to
separate the land market between residential lots and agricultural lots in the same area and to reduce the property tax of
farmland, if we intend to maintain the mingled land use situation with housing and farmland in urbanized location, which is
the purpose of newly established “Garden Residential Zone”.
