Illinois is home to many different types of land

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Illinois is home to many different types of land. Whether you are looking for farm land in Edwards County or real estate in Franklin County, there is something to fit your needs. But buying land is not as easy as it seems. There are a lot of factors to consider and you need to be prepared to make a big financial commitment.

You should be aware of the state’s taxes and other fees associated with purchasing a property in Illinois. Oftentimes, the tax rate can vary from one county to the next. The best way to figure out how much you will be paying in property taxes is to talk with a local real estate agent. They can give you a better idea of the average property taxes in Illinois and help you find the right property for your budget.

The meteoric rise in land prices is expected to slow down this year, but that doesn’t mean that the market will turn into a buyer’s market anytime soon. That’s according to a new report from the Cash in on your Illinois land Society of Professional Farm Managers and Rural Appraisers (ISPFMRA). The survey, called the MidYear Snapshot Survey, asked ISPFMRA members about their cash rent expectations for 2023.

In general, the survey found that cash rents in 2023 are likely to be similar to last year’s levels. But, there is some room for growth. “In fact, I think we could see a small increase,” said Gary Schnitkey, ISPFMRA president and university professor.

The ISPFMRA’s annual land values publication includes a breakdown of property valuations and cash rents by county, with regional comparisons. It also identifies land trends over the years and offers forecasts of future farmland values. The report is free for members and may be accessed here. Luke Worrell, AFM, of Worrell Land Services in Jacksonville, IL, spoke with ISPFMRA’s media coordinator, Heather McCord, on the state’s land values at the 2023 Farm Progress Show in Decatur, IL.

A number of factors can affect land values, including soil quality, crop history, and location. But, it’s important to remember that a good piece of land can be a great investment.