Illinois Farm Land Lease
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How to fill out Farm Land Lease?
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FAQ
Cropland cash rent paid to Iowa landlords in 2023 averaged $269.00 per acre ing to the USDA, National Agricultural Statistics Service. Non-irrigated cropland rent averaged $269.00 per acre, $13.00 above last year. Irrigated cropland rent averaged $271.00 per acre, $19.00 above 2022.
To terminate an oral farm lease, you must provide written notice to your tenant farmer at least four (4) months prior to the end of the lease term. Additionally, your notice must provide specific information as outlined in 735 ILCS 5/9-206.
The average farm real estate value for Illinois in 2023 was $9,300 per acre. This includes the value of all land and buildings. The figure was 4.5 percent higher than the 2022 average of $8,900 per acre. This is the third highest increase since 2015.
Average 2022 Cash Rents in Illinois The National Agricultural Statistics Service (NASS) reported the average cash rent for Illinois in 2023 at $259 per acre, up by $16 per acre from the 2022 level of $243 per acre (see Figure 1).
Illinois farmland prices were at $9,300 per acre in 2023, up by 4.5% from $8,900 per acre in 2022 (see farmdoc daily, August 7, 2023). Like cash rents, farmland prices have increased since 2020: $7,300 per acre in 2020, $7,900 in 2021, $8,900 in 2022, and $9,300 in 2023 (see Figure 1).
Indiana per-acre cash rent for top-quality land increased by 1.99% to $306. Cash rental rates for average, and poor-quality land increased by 2.09% and 2.50% to $257 and $212, respectively, per the survey.
