Altoona workshop set on farmland values, ownership
ALTOONA – The value of an average acre of good Iowa farmland has fallen for the third consecutive year, the first time that has happened since the 1980s farm crisis.
The 2016 Iowa State University Land Value Survey estimated the value of an average acre of crop land at $7,183, about $450, or 5.9 percent, lower than November 2015.
Farmland values hit a historic high of $8,716 an acre in 2013, but have declined 17.5 percent since then.
“The golden era of phenomenal, yet abnormal, growth in farm income and land values, as we saw from 2006 to 2013, is already behind us,” said Wendong Zhang, assistant professor of economics at Iowa State University. “The land market is going through an orderly adjustment while the agricultural sector, a competitive industry, is trying to adjust to the old normal of zero industry-wise net profits.”
Farmland owners will learn about farmland values and ownership at an upcoming workshop at the Polk County ISU Extension office from 8:30 a.m. to 3 p.m. Feb. 17 at 1625 Adventureland Drive, Suite A, in Altoona. A catered lunch is included.
Pre-registration is required by Feb. 14, at $35 per individual or $50 per couple, payable at the door. Contact the Polk County Extension office at (515) 957-5760 to preregister or to get more details.
A). “Iowa Land Value Research Update,” by Wendong Zhang, ISU assistant professor of economics.
B). “Does it Pay to Own Iowa Farmland?” by Chris Barron, corn and soybean producer.
C). “Farmland Owners Legal Update,” by Kristine Tidgren, legal consultant, Center for Agricultural Law and Taxation.
D). “Ag Outlook 2020: Short-Term Bearish and Long-Term Bullish,” by Steve Johnson, an ISU Extension farm management specialist.
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