In the fiscal year ended June 30, 2016, the four-state region of Indiana, Ohio, Kentucky and Tennessee saw a collective average farmland value increase of 0.18 percent, a much smaller increase than the previous year's 2.2 percent, reports Dennis Badger, vice president of collateral risk management for Farm Credit Mid-America., which serves the four states.
Indiana's farmland value dropped 5.76 percent, while the other states saw increases, led by 3.69 percent in Tennessee, 2.38 percent in Kentucky and 0.35 percent in Ohio. "Kentucky and Tennessee are still experiencing increases in cropland values likely due to the recreational and urban expansion components in their markets," driving up land prices, Badger writes.
Farmand value 2017 for the region is predicted to decrease 0.9 percent through June 2017, Badger reports. Indiana is expected to see the biggest decrease, 1.5 percent, while Kentucky is forecast to drop 0.7 percent and Ohio 0.5 percent. Tennessee is predicted to remain even. (Farm Credit Mid-America graphic: Changes in farmland value)
Indiana's farmland value dropped 5.76 percent, while the other states saw increases, led by 3.69 percent in Tennessee, 2.38 percent in Kentucky and 0.35 percent in Ohio. "Kentucky and Tennessee are still experiencing increases in cropland values likely due to the recreational and urban expansion components in their markets," driving up land prices, Badger writes.
Farmand value 2017 for the region is predicted to decrease 0.9 percent through June 2017, Badger reports. Indiana is expected to see the biggest decrease, 1.5 percent, while Kentucky is forecast to drop 0.7 percent and Ohio 0.5 percent. Tennessee is predicted to remain even. (Farm Credit Mid-America graphic: Changes in farmland value)
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