University of Missouri Extension

G404, Revised September 2014

Farm Land Values for Midwestern States
 

Land valuesRonald L. Plain
Department of Agricultural Economics
Joyce White
Project coordinator

The U.S. Department of Agriculture's National Agricultural Statistics Service (USDA/NASS) conducts a survey of farm real estate values each year and calculates the average value of farm real estate for each state. The following tables show these values for Missouri, neighboring states and the 48 contiguous states.

Table 1
Average farm real estate values (land and buildings) per acre, 1912 to 1991

Year 48 contiguous states Missouri Iowa Illinois
1912 $42 $53 $104 $115
1913 $43 $54 $108 $119
1914 $44 $56 $113 $123
1915 $43 $55 $121 $121
1916 $46 $58 $137 $124
1917 $49 $61 $143 $131
1918 $53 $66 $155 $140
1919 $58 $72 $171 $153
1920 $69 $88 $227 $188
1921 $65 $83 $210 $181
1922 $57 $71 $174 $149
1923 $56 $69 $168 $146
1924 $54 $63 $155 $137
1925 $54 $61 $149 $137
1926 $52 $57 $142 $130
1927 $50 $55 $132 $118
1928 $49 $54 $129 $114
1929 $49 $54 $128 $113
1930 $49 $53 $124 $109
1931 $44 $46 $109 $96
1932 $37 $39 $89 $79
1933 $30 $32 $65 $65
1934 $31 $33 $70 $70
1935 $32 $33 $73 $72
1936 $32 $34 $79 $75
1937 $33 $34 $79 $79
1938 $33 $33 $80 $81
1939 $32 $31 $78 $80
1940 $32 $32 $79 $82
1941 $32 $32 $79 $83
1942 $34 $35 $84 $94
1943 $38 $39 $91 $98
1944 $43 $43 $105 $113
1945 $47 $48 $111 $121
1946 $53 $53 $124 $134
1947 $60 $59 $138 $153
1948 $64 $60 $154 $162
1949 $66 $64 $158 $170
1950 $65 $64 $161 $174
1951 $75 $75 $188 $204
1952 $82 $85 $199 $221
1953 $83 $82 $194 $226
1954 $82 $79 $192 $230
1955 $85 $82 $203 $234
1956 $91 $87 $209 $248
1957 $97 $94 $221 $275
1958 $103 $102 $230 $283
1959 $111 $110 $248 $311
1960 $117 $115 $257 $316
1961 $118 $120 $242 $306
1962 $124 $127 $251 $315
1963 $130 $132 $256 $332
1964 $138 $145 $265 $349
1965 $146 $155 $279 $372
1966 $158 $168 $310 $420
1967 $168 $186 $346 $449
1968 $179 $200 $365 $470
1969 $188 $217 $382 $493
1970 $196 $224 $392 $490
1971 $204 $236 $392 $494
1972 $219 $261 $414 $522
1973 $246 $294 $466 $567
1974 $302 $384 $597 $720
1975 $340 $396 $719 $846
1976 $385 $446 $903 $1,052
1977 $474 $548 $1,259 $1,458
1978 $531 $641 $1,331 $1,625
1979 $628 $726 $1,550 $1,858
1980 $737 $902 $1,840 $2,041
1981 $819 $990 $1999 $2,188
1982 $823 $945 $1,889 $2,023
1983 $788 $856 $1,684 $1,837
1984 $801 $875 $1,518 $1,845
1985 $713 $689 $1,091 $1,381
1986 $640 $648 $873 $1,232
1987 $599 $604 $786 $1,149
1988 $632 $640 $947 $1,262
1989 $668 $684 $1,095 $1,391
1990 683 701 1,090 1,405
1991 703 723 1,139 1,459

Table 2

Average farm real estate value (land and buildings) per acre, 1992 to present. (48 contiguous states, Missouri and states bordering Missouri)

Year 48 states Missouri Iowa Illinois Kentucky Tennessee Arkansas Oklahoma Kansas Nebraska
1992 $713 $734 $1,153 $1,536 $998 $1,130 $815 $482 $460 $517
1993 736 774 1,212 1,548 1,077 1,245 880 496 463 514
1994 798 825 1,280 1,670 1,140 1,250 927 517 503 550
1995 844 880 1,350 1,820 1,250 1,340 983 547 535 580
1996 887 950 1,450 1,900 1,300 1,530 1,010 547 553 610
1997 926 1,010 1,600 1,980 1,350 1,650 1,070 570 565 620
1998 974 1,070 1,700 2,130 1,450 1,810 1,150 610 577 645
1999 1,030 1,150 1,760 2,220 1,550 1,950 1,220 625 600 675
2000 1,090 1,230 1,800 2,260 1,650 2,100 1,290 640 625 710
2001 1,150 1,300 1,850 2,290 1,750 2,200 1,350 655 645 735
2002 1,210 1,380 1,920 2,350 1,830 2,300 1,410 680 665 760
2003 1,270 1,470 2,010 2,430 1,900 2,400 1,480 705 685 775
2004 1,340 1,560 2,200 2,560 1,980 2,470 1,640 750 700 810
2005 1,610 1,750 2,640 3,210 2,450 2,790 1,850 900 810 910
2006 1,830 1,910 2,910 3,590 2,670 2,970 2,000 970 870 1,030
2007 2,010 2,170 3,370 4,020 2,740 3,250 2,240 1,080 980 1,140
2008 2,170 2,300 3,950 4,550 2,850 3,450 2,420 1,150 1,020 1,330
2009 2,090 2,160 3,780 4,450 2,800 3,260 2,340 1,150 1,010 1,320
2010 2,150 2,270 4,350 4,720 2,780 3,460 2,400 1,200 1,060 1,470
2011 2,300 2,420 5,410 5,390 2,750 3,510 2,440 1,260 1,240 1,840
2012 2,520 2,710 6,530 6,210 2,840 3,520 2,620 1,370 1,510 2,420
2013 2,730 2,850 7,700 7,100 3,020 3,570 2,700 1,450 1,750 2,800
2014 2,950 3,100 8,500 7,520 3,150 3,600 2,850 1,580 2,050 3,120

 

Estimating past values for farmland

For a variety of reasons such as income taxes, estate settlements, or business accounting, individuals may need to determine the value of a piece of farmland at some point in the past. Often, they can find no information on the land's previous value.

The following five steps can be used to make a backward projection of land value:

  1. Obtain an appraisal of the current market value of the land in question. This valuation should not include any recently built structures or potential development value. 
  2. Obtain a series of historical values for farmland in the area. This publication shows USDA's annual estimates of the average value of farm real estate for Missouri and neighboring states. MU Extension publication G403, Farm Land Values for Missouri Counties, gives average values for individual Missouri counties for every fifth year as reported in the U.S. Census of Agriculture. County land values for other years are not available but can be calculated through the process explained in G403.
  3. Using information from the historical series, calculate the percentage change in average historical value between the two years in question. For example, Table 2 indicates that an average acre of Missouri farm real estate was worth $1,230 in 2000 and $2,710 in 2012. Divide the value in 2000 by the value in 2012 ($1,230 ÷ $2,710 = 0.454). Thus, the value in 2000 was 45.4% of the value in 2012.
  4. Multiply the current appraised value by the percentage change in the historic value over the time period in question. For example, a tract appraised at $2,800 in 2012 would have been worth $1,271 in 2000 ($2,800 x 45.4%).
  5. Adjust the calculated value for any nonfarming impact on value over the time period of the calculations. Urban development or local regulations, for example, may have caused land values in the area to change more or less than the average.

If you know the value of a piece of property in a specific year, you can calculate its value in any other year using this same method: From the table of historic values, divide the average value in the desired year by the average value in the known year, then multiply the result by the known value.

G404 Farm Land Values for Midwestern States | University of Missouri Extension

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