The so-called character of a place is one of those intangibles that defies measure. Yet people measure it all the time. The real estate marketplace, like every other marketplace, is the perfect tool for establishing an objective value for a person’s subjective response to something. Ask any realtor what sells Newtown, and in no time you will be discussing character. The value of this character is very much on the minds of budgetmakers both in Hartford and in Newtown.

This past week Governor M. Jodi Rell announced that on Friday she will ask the state Bond Commission to authorize $5 million in borrowing to fund purchases through Connecticut’s Farmland Preservation Program. In a year when so many state jobs and programs are at stake, up to and including school grants, why is the governor interested in putting the state even further into hock over some cow-strewn scenery?

It turns out, the $5 million is a shrewd economic investment. Connecticut’s farms are the linchpin of the state’s $2 billion-a-year agriculture industry. Lots of money springs from farmland in the form of dairy products, eggs, vegetables, tobacco, wine, lamb, and beef. And where money flows, jobs grow; in this case, thousands of jobs.

Unfortunately, in recent decades the state’s farmland has grown more residential and commercial development than crops and livestock. In 1944 there were 22,000 farms in the state. Today there are roughly 4,200. Since 1985, more than 60 square miles of Connecticut’s agricultural land, about 15 percent of the total, have been covered over by other types of development — an area about the size of Newtown. In the same period in Newtown, farmland disappeared at twice that pace, with 889 acres (31.4 percent) of the a total 2,830 acres of agricultural land giving way to development.

We are both proud and encouraged that the people of Newtown continue to commit $2 million annually for the acquisition of open space, including vulnerable tracts of farmland when they become available. The town’s Open Space Acquisition Program remains fully funded over the next five years in the current Capital Improvement Plan, despite recurring, and fortunately unsuccessful, attempts to divert the money to other projects. Those who would siphon off this investment in the town’s future don’t seem to understand that open space isn’t just about scenery. Converting open space into houses or malls, or warehouses does generate value, but mostly for a few individuals. But what does it mean for a town?

Yes, undeveloped land contributes less to a town’s tax base — about $19 less per acre, according to a recent study at Rutgers University. But that same study suggests that open space expenditures buy a continuing stream of benefits in the future that render any effect on the tax base “transitory.” This survey of municipal data in New Jersey showed that open space expenditures had no correlation to higher taxes. A similar study in Europe concluded that higher open space expenditures are associated with lower tax rates since undeveloped land effectively releases local governments from the ever-escalating education and infrastructure expenses associated with residential and commercial development.

Additionally, the Rutgers researchers found that for every dollar increase in open space expenditures, average house prices rose $3.15 — a direct 315 percent return on investment for property taxpayers. Apply that in Newtown, and we find that our $10 million investment in open space over the next five years will yield $31.5 million in added value to homes. Where else in the budget does that happen? Now we understand why character means so much realtors.

Frankly, we would like to see both the state and the town invest even more in the character of this place we call home. It doesn’t matter whether they do it for the scenery or for the big returns. We love both.