Field Level Agriculture: Harvesting Farmland Sucess, One Auction at a Time
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Logan A. Frye, AFM, Field Level Agriculture, Inc., Springfield, IL, has been awarded the Accredited Farm Manager (AFM) designation from the American Society of Farm Managers and Rural Appraisers® (ASFMRA®).
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Greenville, IL - Field Level Agriculture, Inc., a leading provider of professional farmland appraisals, brokerage, and management services throughout Central Illinois, is proud to announce and welcome Nick Suess as Vice President servicing our new Greenville location.
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Field Level Agriculture, Inc., a leading provider of professional farmland appraisals, brokerage, and management services throughout Central Illinois, has acquired Heartland Ag Group of Springfield from Ernest Moody as he begins his transition to retirement. Heartland Ag Group of Springfield also specialized in professional farmland appraisals, brokerage, and management services making this a perfect opportunity for expansion.
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A 30-acre farm in Coles County, Illinois once owned by Abraham Lincoln recently sold at auction. The big question going into the sale was whether or not there would be a premium paid for that connection. Local farm appraisers and brokers had mixed thoughts going into the sale varying from no premium or possibly a slightly premium due to the increased interest.
The farm was well marketed and had several articles in local newspapers about the Lincoln connection leading up to the sale. The sale date of February 12, the 16th U.S. President’s birthday no less, was a nice touch. But did it matter to the buyers in the market?
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For 20 years, Nathan farmed his neighbor’s 160-acre Class A farm on a handshake. Two years ago, Nathan convinced his neighbors that their farm could use some new tile to improve the productivity and value. He agreed to pay for the tile project with the agreement that he could rent the farm for $200 per acre for the next seven years. In every way, it was a fair deal and all parties agreed to it.
You can likely guess where this is going.
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With 27 wind projects of over 50 megawatts currently online, Illinois is a leader in wind energy in the United States. Only five states produce more wind energy than the 4,026 megawatts produced annually in Illinois. Wind energy, and its effect on Illinois farmland value is important.
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Highest and best use is an appraisal term defined as the reasonably probable and legal use of land that is physically possible, appropriately supported, financially feasible and results in the highest value. For most Midwest farmland the highest and best use is simple: the production of agricultural products, mainly corn and soybeans. But what about the more marginal land such as floodplain land, poor soils and/or timber and pasture? The answer is not as easy.
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There are plenty of benefits to adding drainage tile to farmland. Better yields, more timely field work, and higher land values are the most well-known benefits. It is easy to prove higher yields using yield maps and scale tickets and more timely field work should be noticeable to the farm operator. However, proving the increase in value can be more difficult.
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Farmland appraisals are often misunderstood. From the legal requirements to the different valuation processes, there are many factors that go into every appraisal. A lack of understanding can result in confusion as to when an appraisal is required. Here are five things to know for understanding farmland appraisals.
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