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| Best of NAMA 2026 |
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FARM CREDIT ILLINOIS REPORTS LAND VALUES REACH HISTORIC HIGHS, UP 28% IN 2022
Aug. 16, 2022
by Kent Reid, Chief Appraiser, Farm Credit Illinois
Each year the Farm Credit Illinois (FCI) appraisal team evaluates the same 20 benchmark farms throughout its 60-county territory based on the land's productive index (PI) rating, as calculated by the University of Illinois' Bulletin 811. Based on individual PI ratings, farms are divided into four categories: 1A, 2B, 3C Central, and 3C South. The study compares July 1 values from year-to-year.
Land values in the central and southern 60 counties of Illinois increased for the fourth consecutive year, according to the annual benchmark study. The year showed an active market with historic increases in several areas of FCI's territory. On average, the benchmarks were up 27.88%.
2022 values have reached all-time highs in the FCI territory - by a considerable amount. As seen in Figure 1, land values had a dramatic run-up beginning in 2003, until peaking in 2014. The first decline in more than a decade began in 2015 and continued a slight decline through 2018. From that point, land values increased moderately for the next three years with 2022 results rising substantially and setting new highs.
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