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AGRICULTURAL LAND VALUES

KANSAS AGRICULTURAL STATISTICS
Kansas Department of Agriculture
PO Box 3534
Topeka, KS 66601-3534
Phone: 785-233-2230

Released: August 15, 2002


KANSAS AGRICULTURAL LAND VALUES, 2002

Kansas' average value of all farmland and buildings for 2002 is estimated to be $620. This compares with $610 in 2001 and $590 in 2000. Since 1992, values for all farmland have shown annual increases. Kansas' all farmland and buildings value increased 1.6 percent from 2001 to 2002. The 1.6 percent increase in Kansas land value compares to a 5.2 percent nationwide increase.

Table 1-- KANSAS FARMLAND VALUES AND RENTS, 1992-2002 1/
Year Cropland Pasture
and
Rangeland
All Farmland
and
Buildings
Value Per Acre Rent Per Acre
Irrigated Non- Irrigated All Crop Land Irrigated Non- Irrigated Value
Per Acre
Rent
Per Acre
Value
Per Acre
Total
Value
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dollars - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Mil. Dol.
1992 792 513 535 62.70 31.90 292 12.00 460 21,988
1993 788 516 538 65.10 32.80 296 12.80 463 22,085
1994 873 549 597 69.20 32.60 341 12.20 503 23,943
1995 920 595 623 2/ 35.50 343 11.70 535 25,466
1996 966 607 638 66.30 32.70 361 11.90 553 26,268
1997 990 615 649 69.00 34.50 365 11.60 565 26,838
1998 1,010 620 655 67.00 35.50 367 13.00 577 27,408
1999 1,020 623 659 66.00 35.00 370 13.30 580 27,550
2000 1,030 630 666 67.00 35.50 375 12.80 590 28,025
2001 1,080 640 680 72.00 36.00 400 12.60 610 28,975
2002 1,100 650 691 70.00 36.00 400 12.60 620 29,450
1/ Values per acre are for land and buildings. Rental rates are for land only. 2/ Insufficient data to publish.

THE LAND VALUES SURVEY--BACKGROUND

The Agricultural Land Values Survey was conducted during May/June 2002. Survey respondents were asked to provide information on the value of the land they operate and the rental rates for any land they rented. Additional land value and rent data was collected in the June Agricultural Survey.

The Census provides the official base for estimates of all farmland values. However, the Census occurs once every five years and only estimates the value of all agricultural land and buildings. The Land Values Survey and Agricultural Survey provide data to make annual estimates of both market values and rental rates for different categories of farmland.

The average values in this report encompass a wide range of soil types and pastures. These data are more appropriate for studying overall trends and should not be used to establish rental rates or market values.

FARMLAND VALUES -- U.S. AND KANSAS

The U.S. farm real estate value, including all agricultural land and buildings, averaged $1,210 per acre on January

1, 2002, up 5.2 percent from January 1, 2001. The $60 per acre increase in farm real estate value during 2001 continued the climb that began in 1987. The overall increase was driven by cropland and pasture land which rose 4.4 and 5.0 percent respectively.

In Kansas, 2002 marks the eleventh straight annual increase in all farmland value. The all farm real estate value estimated for Kansas in 2002 is $620, up 1.6 percent from 2001. The 2002 value still falls short of the record set in 1982 at $628 per acre. Figure 1, below shows the comparison of the Kansas value versus the U.S. value. The trends tend to follow the same course.

AVERAGE VALUES PER ACRE,
ALL FARMLAND AND BUILDINGS
U.S. AND KANSAS, 1991 - 2002

Table 2
Year Kansas U.S.
1991 449 703
1992 460 713
1993 463 736
1994 503 798
1995 535 844
1996 553 887
1997 565 926
1998 577 974
1999 580 1,020
2000 590 1,080
2001 610 1,150
2002 620 1,210

DISTRICT LEVEL AGRICULTURAL LAND VALUES

From 2001 to 2002, two districts show slight increases, five show moderate increases, one district remained constant, and one showed a decrease (see table 3). The percentage changes range from a 3.4 percent increase in the central district to a 1.0 percent decrease in the northwest district (see figure 2).

Table 4 on the following page shows the average rental rates for farmland in Kansas for 2000 and 2001. Overall, rental rates remained fairly constant, with only a slight decrease in irrigated cropland rents from 2001 to 2002.

Table 3-- AVERAGE VALUES PER ACRE OF FARMLAND AND BUILDINGS


KANSAS AGRICULTURAL STATISTICS DISTRICTS, 2000, 2001, AND 2002 1/

Dist. All
Cropland
Non-Irrigated
Cropland
Irrigated
Cropland
Pasture All
Farmland
2000 2001 2002 2000 2001 2002 2000 2001 2002 2000 2001 2002 2000 2001 2002
NW 590 610 605 525 550 540 1,120 1,125 1,140 230 255 255 515 530 525
WC 470 480 480 445 450 450 835 850 850 220 235 230 420 425 425
SW 570 580 590 430 435 440 945 970 1,000 225 230 240 500 510 525
NC 645 650 665 620 620 635 1,365 1,440 1,450 355 380 375 570 580 590
C 630 630 660 610 610 640 1,200 1,270 1,270 390 385 405 580 590 610
SC 700 730 735 650 665 670 1,145 1,300 1,310 325 360 340 615 640 645
NE 940 960 995 935 955 990 1,445 1,575 1,600 595 620 625 835 875 900
EC 955 970 985 950 965 975 1,370 1,550 1,610 575 600 620 800 825 845
SE 730 740 745 730 740 745 1,130 1,175 1,175 455 515 500 595 640 645
KS 666 680 691 630 640 650 1,030 1,080 1,100 375 400 400 590 610 620
1/    All values are for land and buildings.


Table 4-- PERCENTAGE CHANGE IN FARMLAND VALUE, 2000 TO 2002

Kansas Agricultural Statistics Districts
Northwest
-1.0%
North Central
1.7%
Northeast
2.9% 1/
West Central
0.0%
Central
3.4%
East Central
2.4% 1/
Southwest
2.9%
South Central
0.8% 1/
Southeast
0.8%


Table 5-- AVERAGE RENTAL RATES FOR CROPLAND AND PASTURE IN KANSAS

CASH RENT PER ACRE by District & Region - 2001 & 2002
District/Region 2001 2002
Non-Irrig.
Cropland
Irrig.
Cropland
Pasture Non-Irrig.
Cropland
Irrig.
Cropland
Pasture
Northwest 32.50 74.00 9.70 32.50 67.00 9.70
West Central 32.00 68.00 9.20 30.00 65.00 9.30
Southwest 25.50 72.00 8.50 25.60 72.00 8.80
    West Region 29.60 71.90 9.10 29.00 70.30 9.20
North Central 39.00 79.00 13.60 39.00 76.00 13.70
Central 34.00 65.00 12.30 34.40 64.00 12.40
South Central 33.00 72.00 11.10 32.90 72.00 11.20
    Central Region 35.20 72.10 12.30 35.30 71.40 12.40
Northeast 62.00 85.00 15.20 60.00 1/ 15.30
East Central 41.00 1/ 17.00 41.50 1/ 16.80
Southeast 37.00 1/ 15.50 36.50 1/ 15.20
    East Region 45.90 73.90 16.00 45.30 73.20 15.50
State 36.00 72.00 12.60 36.00 70.00 12.60
1/ Insufficient data to publish district-level data; they are included in State total.


Joel Golz, Agricultural Statisticians
Dona Ratliff, Research Analyst
Eldon J. Thiessen, State Statistician
Eddie Wells, Deputy State Statistician

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