An article from Perspectives From the Field
Cody P. Dahl, Ph.D., AgIS Capital Vice President of Acquisitions and Strategy, in collaboration with JoAnn Wall of Above and Beyond Real Estate Services, Inc., has published a peer-reviewed article in the American Society of Farm Managers and Rural Appraisers’ 2026 Journal of the ASFMRA.
The article, titled “Refining Farmland Appraisals for SGMA and Subsidence Rules in California,” examines how California’s evolving groundwater management framework is reshaping traditional farmland appraisal methods under the Sustainable Groundwater Management Act (SGMA).
Abstract
California’s new subsidence best management practices (BMPs), drafted under the Sustainable Groundwater Management Act, present a turning point for rural appraisal practice. Traditional reliance on past sales and conventional production assumptions is increasingly inadequate where groundwater cutbacks tied to critical head thresholds may abruptly shorten the economic life of orchards. This paper assesses how BMPs complicate the application of cost, sales comparison, and income approaches and provides guidance on integrating hydrologic indicators, groundwater sustainability criteria, and regulatory risk into appraisal reports.
Read the full paper, “Refining Farmland Appraisals for SGMA and Subsidence Rules in California”
Readers are also encouraged to read the full 2026 Journal of the ASFMRA.
The Journal of the ASFMRA’s editor notes the significance and quality of the publication’s selected research:
“These papers were selected following a rigorous peer-review process, and they cover a variety of relevant and timely topics, including farmland leases and valuation, crop insurance, appraisal education, and cattle markets, just to name a few. The authors represent both industry and academia, indicating that the journal is attracting a wide audience of stakeholders.”
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Cody Dahl PhD, is a leading expert on the US permanent cropland and overall US agricultural economy. Cody’s State of the Market and State of the Harvest reports are leading research pieces that subscribers around the world review to learn more about the latest in the US permanent cropland and US agricultural sectors. In addition, Cody leads up the strategic initiatives for AgIS Capital and assists with all aspect of acquisitions of permanent cropland for AgIS Capital clients. Cody received his Bachelor of Science from the University of Illinois and his M.S. and Ph.D from the University of Florida.
