"The survey indicates the value of an acre of average Indiana cropland was at about $2,000 in June 1997, representing a 13 percent hike in value from June 1996," said Jake Atkinson.
Atkinson received 350 responses to his statewide survey of professional farm managers, appraisers, brokers, bankers and others whose jobs require knowledge of agricultural land values.
Top-quality land, defined as land expected to yield 149 bushels of corn per acre, was estimated to be worth $275 more than last year, at $2,549, while average land with an expected 122-bushel corn yield was valued at $1,997, up $232. Poor land, which produces 94 bushel of corn per acre, was valued at $1,493, up $190.
Survey respondents said they expect land value increases to begin to slow down.
Eighty percent of the respondents predicted that land values would increase at a comparatively modest rate of about 2 percent per year for the next five years.
CONTACT: Atkinson, (765) 494-4266, e-mail: Jake_Atkinson@acn.purdue.edu
Compiled by Chris Sigurdson, (765) 494-8415; E-mail, firstname.lastname@example.org
Purdue News Service: (765) 494-2096; e-mail, email@example.com
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