Illinois Farmland Values

How much is farmland per acre in Iowa?

The 2020 ISU Land Value Survey shows a 1.7% increase in average Iowa farmland values from November 2019 to November 2020.

The average statewide value of an acre of farmland is now estimated at $7,559..

How do I find the value of my land?

You can do this by visiting the local property assessor’s website or office. The tax card will give you a value for the land and a value for the building. You will take those percentages and apply it to your purchase price. For example, you purchase a property for $100,000.

How much is farm ground Worth in Illinois?

Average Illinois Farm Real Estate Value The average farm real estate value for Illinois in 2020 was $7,400 per acre.

Is it good to invest in farmland?

Usually, agricultural land is considered a good investment for high net-worth individuals and for those with surplus income. For salaried or self-employed individuals, living in cities, going through all this process will be time-consuming and tiresome.

How do you value farmland?

The capitalization of rent valuation model simply reflects the current farmland cash rent divided by the current capitalization rate. For example, if a farmland has cash rent of $300 per acre and the current capitalization rate is 3.5%, the value of the farmland today is $300 divided by 3.5%, or $8,571 per acre.

What state has the cheapest farmland?

Tennessee, Arkansas, West Virginia are three of the most inexpensive places where you can buy land. New Mexico and Arizona are popular places for retirees.

How much is an acre of farmland worth in Illinois?

The average paid for good farmland was $8,233 per acre. Across the state prices paid for average-quality land were very “stable,” with the overall average being $6,350 per acre.

What is farmland worth per acre?

The United States farm real estate value, a measurement of the value of all land and buildings on farms, averaged $3,160 per acre for 2020, no change from 2019. The United States cropland value averaged $4,100 per acre, no change from the previous year.

How much farmland Does Bill Gates Own?

According to The Land Report, Gates owns 242,000 acres of farmland, in addition to 25,750 acres of transitional land and 1,234 acres of recreational land, for a grand total of 268,984 acres.

Will land values continue to increase?

In the land market, the same supporting factors that have been keeping ag land values stable the past few years are expected to carry on in 2021. … Looking ahead, if nothing unexpected happens to challenge the current land market, land prices will continue to firm up in 2021,” Dickhut states.

How much does farmland rent for in Illinois?

In 2020, the Illinois Society reported an average rent for excellent quality farmland that is professionally managed farmland of $305 per acre. As with all rents, there is a considerable range around the average. This $305 per acre average was $34 per acre higher than the $271 average reported for counties by NASS.

Will farmland prices go down?

Rural Bank said it expected farmland values to continue to grow in 2020, but at a reduced rate compared to the growth seen in the past six years. … Driving the growth in prices was the biggest drop in transaction volumes in 25 years, with Rural Bank recording 7164 deals in 2019, a fall of 13.2 per cent on the prior year.

How do you evaluate farmland as an investment?

The economic value of a tract of farmland can be estimated by dividing the expected annual net return that would accrue to owning and operating it or renting it out by the expected rate of return on similar properties. For individual situations the real cost of capital can be substituted for the capitalization rate.

How much does AcreValue cost?

How much does it cost to use AcreValue? Many features of AcreValue are free to use. With a free plan, you can: View parcels and land sales with basic details in the map view.

How is farmland assessed in Illinois?

Farmland is assessed based on its ability to produce income (its agricultural economic value). … Farm home sites and farm dwellings are assessed at one-third of their market value. For more information, see PTAX-1004, Illinois Property Tax System.