Hamilton County's farmland value jumped up 20.26 percent in 2012. That is according to the Iowa State University Extension Survey released on Tuesday. The average cost per acre this year was at $10,514. The amount was up from last year's cost per acre in the county at $8,743 which is an increase of $1,772. The ISU survey showed farmland values increased almost 24 percent over last year for an average cost per acre of $8,296. It marks the third straight year that land values in Iowa have increased by 15 percent or more. The survey notes that this is significantly higher than the 18 percent increase reported by the Chicago Federal Reserve Bank in October. I.S.U. economist Mike Duffy said the difference is survey estimates could be due to values increasing more rapidly in the past few months than earlier in the year. He said better than expected crop yields and the level of the land sale activity due to the prolonged changes in land related taxes contributed to the increasing values.
The value of farmland in surrounding counties for 2012 included Boone County at $9,614, Franklin County at $9,606, Hardin County at $9,498, Story County at $9,930, Webster County at $10,207 and Wright County at $10,659.