Farmland continues to grow in value across the state of Illinois thanks, in part, to a 2013 legislative amendment to Senate Bill 20, the state of Illinois' Farmland Assessment Law.
Farmland continues to grow in value across the state of Illinois thanks, in part, to a 2013 legislative amendment to Senate Bill 20, the state of Illinois’ Farmland Assessment Law. The amendment is related to a soil’s productivity index, or the measurement that reflects how productive a soil is, and therefore how much value it has.Prior to 2013, state law mandated that the assessed value of a soil could not change more than 10 percent from one year to the next, whether that was an increase or decrease. The 2013 amendment maintained the 10 percent limit, but changed its application. Now, a soil’s value cannot increase more or less than 10 percent of the value of a median soil on the productivity index scale.”Your higher (farmland) productivity ratings will equate to a higher EAV just because they have the capability of producing higher crop yields and higher gross incomes,” said Grant Strom, president of the Knox County Farm Bureau.The scale ranges from 82 to 130, with 130 designating the highest-producing soil and 82 designating the lowest-producing soil. The median is 111.
About this project
Newspapers in GateHouse’s Western Illinois Division collaborated on a project looking at property values over the past 10 years to see what impact the Great Recession had on this source for local tax revenue. The project looks at the different property sectors (housing, farmland, commercial, industrial) and how they performed over the 10 years. The project includes Fulton, Henderson, Knox, Livingston, McDonough, Tazewell and Warren counties. Numbers for Mercer County were too late for the story, but made it in the graphic.