Illinois Farmland Prices See Big Drop

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PEORIA-----A new report says farmland prices in Illinois saw a significant decrease in 2015.

The report has just been issued by the Illinois Society of Professional Farm Managers and Rural Appraisers. The society's annual farmland value report shows that acreage across Illinois dropped between 8 and 9 percent last year. Specifically, the report found that land rated "excellent" and land rated "good" saw an 8 percent decline. Land rated "average" saw a 9 percent decline. For more information, click HERE.

David Klein is the group's general co-chairman. In a report with the Peoria Journal Star, he said the recent decline represents a natural self-correction of the market after nearly 20 years of increasing farmland values.

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