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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 13, 2003

KANSAS AGRICULTURAL LAND VALUES, 2003

Kansas' average value of all farmland and buildings for 2003 is estimated to be $620. This compares with $620 in 2002 and $610 in 2001. Until 2003, values for all farmland have shown annual increases since 1992. Kansas' all farmland and buildings value remained steady from 2002 to 2003. This compares to a 5.0 percent nationwide increase.

Table 1-- KANSAS FARMLAND VALUES AND RENTS, 1993-2003 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.
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 1,100 650 690 70.00 36.00 400 12.60 620 29,450
2003 1,100 650 691 68.00 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 2003. 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 were 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 agricul-tural land and buildings, averaged $1,270 per acre on January 1, 2003, up 5.0 percent from January 1, 2002. The $60 per acre increase in farm real estate value during 2002 continued the climb that began in 1987. The overall increase was driven by cropland and pasture land which rose 4.2 and 5.1 percent respectively.

In Kansas, 2003 marks the first year in twelve where the farm land values remained constant instead of increasing. This is due in part to the poor crop year of 2002 for Kansas. Poor water conditions hurt not only the crop commodities, but left pasture conditions questionable for 2003. The all farm real estate value estimated for Kansas in 2003 is $620. 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, 1992 - 2003

Table 2
Year Kansas U.S.
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
2003 620 1,270

DISTRICT LEVEL AGRICULTURAL LAND VALUES

From 2002 to 2003, three districts show slight increases, four districts remained constant, and two showed a decrease (see table 3). The percentage changes range from a 2.1 percent increase in the West Central district to a 1.3 percent decrease in the Southeast district (see table 4).

 

Table 4 on the following page shows the average rental rates for farmland in Kansas for 2002 and 2003. Overall, rental rates remained fairly constant, with only a slight decrease in irrigated cropland rents from 2002 to 2003.


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


KANSAS AGRICULTURAL STATISTICS DISTRICTS, 2001, 2002, AND 2003 1/
Dist. All
Cropland 		Non-Irrigated
Cropland 		Irrigated
Cropland 		Pasture All
Farmland
2001 2002 2003 2001 2002 2003 2001 2002 2003 2001 2002 2003 2001 2002 2003
NW 610 605 600 550 540 530 1,125 1,140 1,150 255 255 250 530 525 520
WC 480 480 490 450 450 460 850 850 845 235 230 235 425 425 430
SW 580 590 590 435 440 440 970 1,000 990 230 240 230 510 525 520
NC 650 665 665 620 635 635 1,440 1,450 1,450 380 375 380 580 590 595
C 630 660 660 610 640 640 1,270 1,270 1,295 385 405 410 590 610 610
SC 730 735 735 665 670 670 1,300 1,310 1,325 360 340 330 640 645 640
NE 960 995 1,000 955 990 995 1,575 1,600 1,630 620 625 625 875 900 910
EC 970 985 995 965 975 985 1,550 1,610 1,625 600 620 625 825 845 850
SE 740 745 735 740 745 735 1,175 1,175 1,180 515 500 505 640 645 645
KS 680 691 691 640 650 650 1,080 1,100 1,100 400 400 400 610 620 620
1/    All values are for land and buildings.

Table 4-- PERCENTAGE CHANGE IN FARMLAND VALUE, 2002 TO 2003

Kansas Agricultural Statistics Districts
Northwest
-0.8% 		North Central
0.0% 		Northeast
0.5% 1/
West Central
2.1% 		Central
0.0% 		East Central
1.0% 1/
Southwest
0.0% 		South Central
0.0% 1/ 		Southeast
-1.3%

1/    These districts are influenced by farmland around larger cities that have higher values because of the opportunity for development. This is the fifth year these data have been included in the district totals.


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

CASH RENT PER ACRE by District & Region - 2002 & 2003
District/Region 2002 2003
Non-Irrig.
Cropland 		Irrig.
Cropland 		Pasture Non-Irrig.
Cropland 		Irrig.
Cropland 		Pasture
Northwest 32.50 67.00 9.70 32.50 66.00 9.70
West Central 30.00 65.00 9.30 29.70 63.00 9.30
Southwest 25.60 72.00 8.80 25.60 69.00 8.70
    West Region 29.00 70.30 9.20 28.90 67.80 9.20
North Central 39.00 76.00 13.70 39.00 74.00 13.70
Central 34.40 64.00 12.40 34.10 63.00 12.40
South Central 32.90 72.00 11.20 33.00 69.00 11.20
    Central Region 35.30 71.40 12.40 35.20 68.90 12.40
Northeast 60.00 1/ 15.30 59.50 81.00 15.20
East Central 41.50 1/ 16.80 41.50 67.00 16.90
Southeast 36.50 1/ 15.20 36.40 66.00 15.30
    East Region 45.30 73.20 15.50 45.10 71.70 15.50
State 36.00 70.00 12.60 36.00 68.00 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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