York County ag land value increases

Farm real estate value in Nebraska has increased greatly in the past year, according to the U.S. Department of Agriculture (USDA), and York County doesn’t appear to be an exception.
According to the USDA, farm real estate value in Nebraska went up 19 percent in the past year.
According to York County Assessor Ann Charlton, such value also grew here. There are 337,557.58 acres of farm real estate in the county, holding a value of $678,131,378. In 2007, the value was $599,730,664, compared to $582,743,199 in 2006 and $549,269,662 in 2005.
Obviously, the majority of the county’s cropland is in irrigated acres, holding a value of $591,375,689, compared to $518,646,503 in 2007, $495,831,662 in 2006 and $456,236,812 in 2005. The amount of irrigated acres has grown since 2005 — part of the reason is that was the year the Upper Big Blue Natural Resource District began to ask for certification of irrigated acres.
Land value in Nebraska averaged a record-high $1,460 an acre. That’s up $230 an acre from last year’s average.
In York County, there are five separate market areas, when it comes to ag land. Charlton said the following average cost per acre pertains to each: Market Area 2: $2,100 an acre; Market Area 3: $1,825; Market Area 4: 1,935; Market Area 5 (which is now in combination with the former Market Area 1): $1,477; and Market Area 6: $2,550. Considering all the market areas, the average cost of ag land, per acre, is $1,977.40 — considerably higher than the state average.
The average price per acre, in York County, in 2007 was $1,715.60, and in 2006 it was $1,636.80.
There have been extremely high-price land sales in the past few years — those are figured into the market area figures and are likely responsible for the increased average.
Cash rents have increased as well. The USDA says rent for irrigated and dryland cropland both, in Nebraska, are up an average of $16. Average cost is $155 an acre for irrigated cropland and $95 an acre for dryland.
Pasture rented for cash averages $14.20 an acre, 20 cents higher than in 2007. Charlton says she doesn’t have specific information regarding cash rent in York County, but she’s speculates it is as high as $400 an acre, based on what she’s been told by area producers.