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Rangeland-based ranches have different sources of value. Historically, the net income derived from livestock production would explain much of the value of the ranch. In recent years, studies are beginning to show that production values explain anywhere from 0 to 25% of the actual sale price of the ranch. People are buying ranches not only for their value for livestock production but also as a lifestyle choice, scenic value, wildlife habitat, or other factor. Local factors affect the prices. In public-land states, the mix of private, public, and state lands that make up the ranch also affect what the ranch is worth.
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