Revised

Editor’s note
See the County Land Value Estimator spreadsheet (XLSX) for related information.

Land values

Ryan Milhollin
Assistant Extension Professor, Agricultural Business and Policy

Juo-Han Tsay
Assistant Extension Professor, Agricultural Business and Policy

Individuals and businesses often need an estimate of the value of a piece of land. A properly done appraisal provides the most accurate estimate of a piece of land’s value. Appraisals attempt to estimate value from comparable sales. Comparable sales should be nearby, have sold recently and have similar characteristics.

It is not always feasible to get an appraisal on a piece of land, particularly when a historical value is sought. A historical land value is often needed to calculate taxes and settle estates. When appraisals are not feasible, estimates from the U.S. Department of Agriculture (USDA) data might be an acceptable option.

USDA agricultural land values

The National Agricultural Statistics Service of the USDA collects and reports information on the market value of agricultural land and buildings. The Census of Agriculture is conducted every five years and seeks responses from every farmer. The published Censuses report the market value of farmland, including buildings, for each county in the year the information was gathered. Table 1 provides the average market value of farmland, including buildings by Missouri county for past Censuses of Agriculture.

The USDA updates the state average market value of farmland, including buildings every year. This update relies on surveying a subset of farmers, select Realtors and others who have direct knowledge of land sales in each state. The published results do not have county values. The annual survey reports values for these four land classes: 1) all cropland, 2) non-irrigated cropland, 3) irrigated cropland, and 4) pastureland. These land classes are not reported on a county basis in the Census of Agriculture. Table 2 provides the average market value of these agricultural land classes for the state of Missouri since 1950.

Understanding USDA data

Understanding some characteristics of the USDA agricultural land value estimates is important for individuals and businesses wishing to use them for business purposes. From 1850 to 1996, the USDA annually reported for each state a single value estimate called farmland, including buildings. Since 1997, the USDA has reported a state value by various agricultural land classes without buildings.

Every five years, in the Censuses of Agriculture, USDA reports farmland, including buildings, for each county. Houses, barns, sheds and other buildings on the land are included in the reported asset value. This value merges all types of land, such as irrigated, non-irrigated and pastureland, together.

The USDA estimates are for either an entire county or the entire state. However, the value of land can vary considerably within any one county. More productive land is worth more than less productive land. Cropland is worth more than pastureland. Land adjacent to certain highways may be worth more than land farther from those highways. None of these factors are reported in the county and state estimates of land and buildings. For this reason, the estimate may not provide an acceptable value for an individual piece of land.

The reports provide a consistent record of trends in land values. Since the methodology is consistent over time, the annual changes reported are likely to reflect what happens on individual pieces of land. However, changes over time may cause the values of certain pieces of land to differ from the USDA reported average. For example, land 20 miles out of city limits may have been considered for only agricultural purposes in 1970. By 2022, that land may be much closer to city limits and people want to purchase that land for a house site. That may drive its value much higher than the state or county average.

The Census of Agriculture values are most useful for estimating specific land values because they provide county level estimates. The annual survey data of state land values by type is helpful for observing trends in land values in the years between Censuses. The reported values for various types of agricultural land in Missouri are very highly correlated (correlation coefficient of .95 to .99) with the reported value for farmland, including buildings. A correlation of 1 indicates perfect correlation.

Since the county value is an average for all land in the county, it most likely reflects the value of an individual piece of land to the extent that piece of land is like the county land types. For example, if a county contains mostly cropland and the land under consideration is mostly cropland, the county value may fit well. But if the land under consideration is all pastureland, the county value will likely overvalue that particular piece of land.

Estimating historical values

When an historical value estimate for a particular piece of land is needed, it is advisable to start with the county level data reported in the Census of Agriculture. Because county data are reported every five years, methods of estimating the value in intervening years have been developed.

If the percent change in the annual reported state value for farmland, including buildings accurately reflects the change for land in each county, this percent change can be applied for years when no county level data exist. The steps below indicate how a county level estimate for land value could be obtained for any year.

Step 1: Find which Census of Agriculture immediately precedes the year for which you are interested in finding a value.

Step 2: Locate the value of ag land in the county in that Census data (see Table 1).

Step 3: Locate the values for ag land in Missouri for the years between the year of the Census and the year of interest (see Table 2).

Step 4: Determine the percent change in state land value between the two years. Percent change = (ending year value ÷ beginning year value) – 1.

Step 5: Increase the county value from step 1 by the percent change from step 4. County value in the desired year = county value in previous Census × (1 + percent increase between the desired year and the previous Census of Ag value).

For example, if you wanted to know the value of ag land in Adair County in 2010, perform the following steps.

Step 1: The 2007 Census is the nearest Census prior to the year 2010.

Step 2: The value reported for Adair County in the 2007 Census of Agriculture is $1,862 (from Table 1).

Step 3: The Missouri state value for ag land in 2007 is $2,170 and in 2010 is $2,270 (from Table 2).

Step 4: The percent change is 4.6% (= 2,270 ÷ 2,170 – 1).

Step 5: The estimated value of land in Adair County in 2010 is $1,948 (= $1,862 × 1.046).

Accounting for land quality differences

A more accurate estimate than the average county land value for a previous year is occasionally desired. This can occur when the land in question obviously differs from the average county land value. Perhaps proximity to a town, presence of irrigation, higher productivity land or some other characteristic makes modifying the county level value important.

The estimate of county land value can be modified to account for expected value differences by following the steps below.

Step 6: Obtain an appraisal for the market value of the land. An appraisal done at any time can be used but more recent appraisals are best. The value of recently built structures should be removed from the appraisal so that only land valuation is being considered.

Step 7: Estimate the county value of the land for the year in which the appraisal was made. This would be accomplished by Steps 1-5 above.

Step 8: Estimate the percent difference between the appraisal value and the estimated county land value. Percent change = (appraisal value ÷ county value) – 1.

Step 9: Modify the county value for the year of concern (from Step 5) by the percent difference (from Step 8). Adjusted land value = county value of land × (1+ percent difference between the appraisal value and the estimated county value).

Spreadsheet tool

The County Land Value Estimator spreadsheet (XLSX) was developed to accompany this guide. This tool contains the data found in tables 1 and 2 of this guide and provides a tool to estimate land values. Users can enter the county year of interest to receive estimated county values. County values can be modified to more closely approximate the value of a particular piece of land.

Table 1. Average market value (in dollars per acre) of farmland and buildings for Missouri counties.

County 1959 1964 1969 1974 1978 1982 1987 1992 1997b 2002 2007 2012 2017 2022
Adair 115 118 168 299 511 635 418 454 669 1,012 1,862 2,453 2,792 4,098
Andrew 150 184 279 498 817 958 664 775 1,170 1,838 2,421 3,558 3,843 5,070
Atchison 183 221 315 548 1,004 941 680 775 1,131 1,642 2,452 4,862 4,903 6,221
Audrain 166 211 283 500 1,001 1,066 686 802 1,197 1,601 2,609 3,822 4,256 6,387
Barry 81 116 178 377 620 879 752 829 1,344 1,678 2,582 2,538 3,429 4,384
Barton 87 128 186 360 694 824 486 625 788 1,000 1,858 2,105 2,753 4,126
Bates 103 136 227 384 651 694 485 611 976 1,199 1,955 2,268 3,090 4,006
Benton 59 91 139 264 472 680 457 568 938 1,115 1,901 2,090 2,737 4,020
Bollinger 56 90 136 281 532 672 596 626 1,022 1,292 1,873 2,014 2,507 3,609
Boone 127 171 285 509 907 958 794 1,036 1,647 2,544 2,805 3,644 5,654 5,608
Buchanan 181 216 295 499 980 1,009 792 887 1,228 1,790 2,702 3,451 4,053 5,382
Butler 109 195 260 498 890 991 758 929 1,200 1,499 2,266 3,184 4,695 5,085
Caldwell 119 142 219 393 674 804 540 581 868 1,369 1,999 2,275 3,170 4,467
Callaway 95 133 194 383 762 952 624 817 1,216 1,780 2,548 3,267 3,960 4,653
Camden 34 47 91 208 487 563 474 524 807 1,254 1,858 2,176 2,208 2,851
Cape Girardeau 121 180 233 410 859 1,100 823 1,046 1,385 1,891 2,540 3,133 4,343 4,745
Carroll 142 183 262 437 795 911 648 792 971 1,295 2,114 3,134 3,580 5,366
Carter 39 66 87 176 419 538 463 540 822 1,048 1,630 1,663 1,909 2,342
Cass 152 211 357 552 931 1,091 903 1,178 1,560 1,844 2,839 3,318 3,759 4,459
Cedar 62 95 141 289 492 685 478 568 909 1,146 1,823 1,822 2,489 3,763
Chariton 133 166 257 397 786 938 585 721 1,014 1,333 1,969 2,973 3,439 4,955
Christian 107 138 220 455 686 889 882 1,259 1,792 2,387 2,785 3,124 4,027 5,535
Clark 98 138 201 366 747 774 554 603 800 1,165 1,971 2,654 3,575 4,859
Clay 278 300 487 776 1,287 1,476 1,050 1,329 1,916 3,392 2,850 4,282 4,169 6,629
Clinton 155 185 296 561 866 950 725 796 1,274 1,541 2,330 3,427 3,721 5,692
Cole 86 121 160 346 558 822 691 862 1,181 1,974 2,410 2,913 3,646 5,078
Cooper 113 139 206 340 669 729 525 707 955 1,332 2,226 2,841 3,268 5,376
Crawford 58 80 146 298 453 538 560 674 920 1,247 1,859 2,080 2,583 2,882
Dade 73 106 174 321 568 684 486 600 897 1,277 1,819 2,192 2,807 3,520
Dallas 63 83 151 303 522 707 625 675 1,159 1,396 2,223 2,326 2,538 4,179
Daviess 118 147 208 388 691 861 522 597 723 1,176 1,937 2,784 3,265 4,517
DeKalb 124 161 268 449 706 879 512 573 908 1,139 1,958 2,817 3,273 4,456
Dent 43 55 96 224 336 464 450 526 762 991 1,683 1,602 2,091 2,920
Douglas 39 53 100 244 445 578 537 595 789 1,071 1,845 1,624 2,100 2,936
Dunklin 249 426 422 590 1,112 1,273 960 1,100 1,469 1,936 2,472 3,770 5,090 6,938
Franklin 111 147 248 482 750 1,070 958 1,182 1,637 2,431 2,992 3,722 3,864 5,647
Gasconade 63 82 139 260 477 590 637 756 1,047 1,586 2,205 2,451 2,787 3,826
Gentry 109 127 196 358 657 728 522 551 796 1,156 1,869 2,636 3,098 4,448
Greene 187 231 322 586 939 1,203 1,298 1,366 2,222 3,299 3,277 3,683 4,745 7,004
Grundy 116 134 223 404 750 1,042 528 657 732 1,024 1,861 2,303 2,928 4,305
Harrison 104 126 162 323 575 707 435 496 644 951 1,837 2,494 2,768 3,799
Henry 97 140 224 389 707 746 553 652 852 1,209 1,803 2,124 2,690 4,028
Hickory 47 73 135 264 416 543 504 514 701 1,082 1,562 1,941 2,108 3,566
Holt 173 239 290 543 981 1,109 716 919 1,047 1,491 2,452 3,799 4,893 5,713
Howard 104 145 212 365 709 754 558 723 1,059 1,334 2,109 2,537 3,023 3,853
Howell 50 68 124 272 481 664 528 623 986 1,372 1,734 1,883 2,144 2,894
Iron 42 68 126 275 489 582 453 585 957 1,332 1,708 1,610 2,065 2,697
Jackson 323 403 551 838 1,251 1,568 1,396 1,763 2,214 3,675 3,266 4,037 5,814 6,658
Jasper 130 171 247 441 718 861 684 821 1,234 1,494 2,210 2,337 3,221 4,178
Jefferson 114 169 293 570 859 1,176 1,022 1,441 2,029 2,635 3,080 3,407 4,200 5,915
Johnson 108 138 235 445 768 954 736 802 1,137 1,693 2,227 2,645 3,344 4,787
Knox 116 131 193 368 744 783 483 552 799 1,391 1,897 2,981 3,042 4,706
Laclede 65 78 142 301 474 637 558 710 940 1,377 1,928 2,200 2,517 3,518
Lafayette 178 217 319 620 985 1,081 835 992 1,445 1,831 2,705 4,225 4,535 7,328
Lawrence 109 146 212 440 725 906 763 873 1,306 1,777 2,467 2,562 3,198 4,465
Lewis 116 129 204 391 775 807 496 604 871 1,106 2,131 2,894 3,312 4,861
Lincoln 147 191 294 495 916 1,135 962 1,145 1,701 2,172 3,135 3,900 4,361 5,019
Linn 117 119 189 428 699 793 455 546 692 1,005 1,826 2,416 2,883 4,261
Livingston 125 152 217 404 729 892 516 793 895 1,285 2,025 2,916 3,372 4,690
Macon 86 116 158 293 602 682 466 523 684 1,072 1,792 2,477 3,194 4,026
Madison 49 77 115 229 437 535 455 619 719 973 1,710 1,840 2,099 2,627
Maries 43 56 87 216 368 498 418 474 749 1,032 1,704 1,951 1,971 3,134
Marion 146 181 249 408 753 971 606 781 1,021 1,226 2,231 3,561 3,966 6,203
McDonald 72 95 193 342 696 775 757 885 1,284 2,029 2,370 2,314 2,682 3,910
Mercer 82 91 150 292 592 614 430 550 883 5,358c 1,811 2,219 2,693 3,903
Miller 51 76 112 241 465 561 523 623 884 1,479 1,966 2,221 2,497 3,272
Mississippi 235 361 400 526 1,132 1,380 1,020 1,267 1,590 1,855 2,365 4,153 5,837 6,746
Moniteau 89 112 174 321 564 727 546 689 945 1,380 2,375 2,698 3,570 4,680
Monroe 111 158 220 400 844 881 567 667 913 1,183 2,264 3,125 3,559 5,186
Montgomery 124 164 260 469 749 1,001 699 900 1,200 1,639 2,850 3,453 3,771 5,802
Morgan 66 91 148 304 582 644 535 570 986 1,553 2,216 2,646 3,837 5,025
New Madrid 280 435 479 566 1,156 1,384 942 1,148 1,466 1,837 2,425 4,435 5,591 6,704
Newton 112 147 209 438 736 989 730 969 1,382 1,760 2,623 2,577 3,639 4,732
Nodaway 135 163 256 442 921 868 562 689 848 1,195 2,102 3,251 4,012 5,499
Oregon 36 50 102 238 385 547 413 569 835 1,004 1,706 1,556 1,781 2,560
Osage 56 65 104 250 402 500 480 553 945 1,400 1,938 2,047 2,415 3,470
Ozark 34 45 88 211 397 508 567 529 737 1,366 1,705 1,624 2,133 2,762
Pemiscot 323 431 481 567 1,064 1,409 937 1,059 1,376 1,772 2,161 3,618 5,235 6,687
Perry 121 130 208 341 773 866 705 801 1,081 1,487 2,175 2,673 3,273 4,388
Pettis 112 165 238 408 772 832 610 754 1,003 1,388 2,365 2,736 3,500 4,906
Phelps 57 81 136 256 396 641 546 637 884 1,519 2,065 2,301 2,636 3,912
Pike 120 166 221 424 911 925 626 796 1,180 1,618 2,368 3,461 3,516 4,561
Platte 197 234 441 669 1,191 1,147 902 1,178 1,922 2,306 2,843 3,888 4,429 5,713
Polk 80 108 182 363 588 761 640 724 1,257 1,409 2,165 2,066 2,525 3,857
Pulaski 51 68 101 222 338 503 462 494 759 1,310 1,862 1,948 2,237 3,020
Putnam 69 87 135 248 492 544 367 404 618 866 1,725 2,063 2,520 3,789
Ralls 119 162 255 391 813 912 634 789 1,080 1,437 2,373 3,210 3,850 5,816
Randolph 115 149 209 355 733 897 554 604 935 1,174 2,033 2,630 3,461 4,578
Ray 148 181 280 465 843 1,006 713 886 1,285 1,490 2,200 2,730 3,516 5,276
Reynolds 38 55 101 204 411 502 369 714 605 1,048 1,424 1,463 1,599 2,655
Ripley 64 86 129 262 495 618 568 579 803 1,016 1,729 1,794 2,446 2,855
St. Charles 258 278 462 724 1,193 1,700 1,542 2,097 2,598 3,991 3,271 4,240 4,885 6,162
St. Clair 62 98 161 320 587 660 442 509 707 1,018 1,787 1,656 2,453 3,962
St. Francois 91 109 175 365 730 785 805 1,026 1,251 2,033 2,636 2,513 2,933 5,052
St. Louis 899a 1,033a 917 1,094 1,785 3,213 2,259 2,152 2,592 3,627 3,686 4,128 4,348 10,928
Ste. Genevieve 90 122 162 325 633 757 717 827 1,118 1,466 2,168 2,305 2,951 4,393
Saline 190 234 294 509 915 1,094 815 861 1,223 1,368 2,209 4,023 4,010 6,325
Schuyler 90 97 162 282 581 618 367 401 634 811 1,700 2,226 2,581 4,152
Scotland 103 131 180 356 730 742 470 615 761 1,122 1,965 2,936 3,370 5,438
Scott 176 261 345 479 1,029 1,308 834 1,088 1,347 1,745 2,585 4,077 5,087 6,405
Shannon 39 56 120 207 440 489 411 483 607 1,052 1,756 1,670 1,963 2,396
Shelby 118 142 215 369 782 812 543 611 911 1,187 2,073 3,552 3,729 6,127
Stoddard 177 287 339 482 1,058 1,322 940 1,209 1,563 2,048 2,369 4,392 5,353 6,814
Stone 77 90 191 339 602 696 578 815 1,280 1,927 2,465 2,369 2,894 4,003
Sullivan 72 89 133 290 529 635 354 440 678 814 1,566 1,858 2,338 3,213
Taney 42 63 114 252 417 487 471 613 1,098 1,728 1,902 1,961 2,235 3,385
Texas 46 63 107 231 429 538 443 585 772 1,027 1,737 1,641 2,066 3,220
Vernon 78 120 182 317 663 689 474 652 897 1,105 1,842 2,156 2,841 4,000
Warren 123 164 259 515 1,033 1,267 973 1,584 1,792 2,312 3,324 3,880 4,048 5,779
Washington 61 88 129 266 401 491 525 665 823 1,477 1,864 1,919 2,372 2,926
Wayne 45 60 103 214 421 591 453 537 786 1,034 1,706 1,527 2,350 2,495
Webster 76 96 173 364 602 701 656 805 1,219 1,722 2,613 2,612 3,102 4,559
Worth 108 118 201 292 709 611 448 542 545 916 1,635 2,254 2,844 3,888
Wright 49 66 108 290 477 592 510 654 892 1,259 1,811 1,797 2,158 3,310
State average 112 150 224 396 723 856 640 774 1,084 1,508 2,179 2,791 3,385 4,612

Source: U.S. Census of Agriculture

  1. St. Louis City and County are included in 1959 and 1964; all other years are county only.
  2. 1997 data have been reweighted to reflect the new methodology used in the more recent censuses.
  3. This is the federally recognized value for this year, yet it is abnormally high compared to peer counties and land values in subsequent years. We recommend users instead use $1,347 (average of land values in 1997 and 2007).

Table 2. Missouri state average values for various classes of agricultural land (in dollars per acre).

Year Missouri All cropland Non-irrigated cropland Irrigated cropland Pastureland
1951 75 N/A N/A N/A N/A
1952 85 N/A N/A N/A N/A
1953 82 N/A N/A N/A N/A
1954 79 N/A N/A N/A N/A
1955 82 N/A N/A N/A N/A
1956 87 N/A N/A N/A N/A
1957 94 N/A N/A N/A N/A
1958 102 N/A N/A N/A N/A
1959 110 N/A N/A N/A N/A
1960 115 N/A N/A N/A N/A
1961 120 N/A N/A N/A N/A
1962 127 N/A N/A N/A N/A
1963 132 N/A N/A N/A N/A
1964 145 N/A N/A N/A N/A
1965 155 N/A N/A N/A N/A
1966 168 N/A N/A N/A N/A
1967 186 N/A N/A N/A N/A
1968 200 N/A N/A N/A N/A
1969 217 N/A N/A N/A N/A
1970 224 N/A N/A N/A N/A
1971 236 N/A N/A N/A N/A
1972 261 N/A N/A N/A N/A
1973 294 N/A N/A N/A N/A
1974 384 N/A N/A N/A N/A
1975 396 N/A N/A N/A N/A
1976 456 N/A N/A N/A N/A
1977 548 N/A N/A N/A N/A
1978 641 N/A N/A N/A N/A
1979 726 N/A N/A N/A N/A
1980 902 N/A N/A N/A N/A
1981 990 N/A N/A N/A N/A
1982 945 N/A N/A N/A N/A
1983 856 N/A N/A N/A N/A
1984 875 N/A N/A N/A N/A
1985 689 N/A N/A N/A N/A
1986 648 N/A N/A N/A N/A
1987 604 N/A N/A N/A N/A
1988 640 N/A N/A N/A N/A
1989 684 N/A N/A N/A N/A
1990 701 N/A N/A N/A N/A
1991 723 N/A N/A N/A N/A
1992 734 N/A N/A N/A N/A
1993 774 N/A N/A N/A N/A
1994 825 N/A N/A N/A N/A
1995 880 N/A N/A N/A N/A
1996 950 N/A N/A N/A N/A
1997 1,010 1,040 1,000 1,600 660
1998 1,070 1,130 1,090 1,670 700
1999 1,150 1,220 1,180 1,820 770
2000 1,230 1,300 1,260 1,930 840
2001 1,300 1,380 1,340 2,000 910
2002 1,380 1,480 1,440 2,070 980
2003 1,470 1,580 1,540 2,150 1,050
2004 1,560 1,660 1,630 2,220 1,120
2005 1,750 1,830 1,800 2,410 1,310
2006 1,910 2,010 1,970 2,650 1,500
2007 2,170 2,330 2,300 2,800 1,730
2008 2,300 2,500 2,470 2,980 1,800
2009 2,160 2,490 2,450 2,990 1,670
2010 2,270 2,600 2,560 3,140 1,600
2011 2,420 2,790 2,750 3,320 1,610
2012 2,710 3,120 3,080 3,640 1,700
2013 2,850 3,500 3,450 4,140 1,790
2014 3,050 3,750 3,670 4,670 1,820
2015 3,230 3,680 3,570 4,950 1,880
2016 3,220 3,570 3,470 4,830 1,830
2017 3,120 3,560 3,450 4,940 1,830
2018 3,380 3,490 3,380 4,770 1,920
2019 3,400 3,490 3,350 4,770 1,980
2020 3,400 3,530 3,400 4,700 2,000
2021 3,700 3,810 3,700 4,800 2,160
2022 4,150 4,320 4,200 5,400 2,400
2023 4,500 4,610 4,500 5,600 2,500

Source: USDA National Agricultural Statistics Service

Notes: Values for all cropland, non-irrigated cropland, irrigated cropland and pastureland were not reported by the USDA prior to 1997. N/A = Not available.

Original authors
Ronald L. Plain and Joyce White

Publication No. G403