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Farmland Values and Rents
Land Value Index
The land value index shows how average farmland values in Illinois
have changed over time. The index gives values for the beginning
of each year. The latest index value is for January 1, 2002.
| Date |
Description |
PDF 
|
| 2002 |
Index
Values from 1912 to 2002 |
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The following table shows index values for the last 10 years. The
1979 index equals 100. The 2002 value of 142 means that farmland
values are 42 percent higher than in 1979.
| Year
|
Index Value
|
| 1993 |
83 |
| 1994 |
90 |
| 1995 |
98 |
| 1996 |
102 |
| 1997 |
107 |
| 1998 |
115 |
| 1999 |
121 |
| 2000 |
128 |
| 2001 |
136 |
| 2002 |
142 |
The 2002 index is 142 while the 2001 index is 136, indicating that
farmland values increased by 4.4percent. The last time farmland
values fell was in 1987.
The following graph shows index values between 1920 and 2000.
Key points are:
·
Between 1920 and 2000, land values increased an average of 3.7 percent
per year. Since 1945, land values increased an average of 5.8 percent per year.
·
During the 1980s, farmland values reached a high in 1981. Between
1981 and 1987, farmland values declined by 47 percent.
·
Between 1987 and 1999, farmland values increased by 90 percent,
an average of 5.8 percent per year.
·
Between 1970 and 1999, land values increased an average of 5.8 percent
per year.
Average yearly changes in land values for different time periods is shown in
the following table.
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