By Kate Thiel
Every year Michigan State University conducts an anonymous survey looking at land values and rental rates across the state.
After collecting responses from farmers and other agriculturally invested individuals, survey results are tabulated and aggregated to develop a report of average land prices and rates. The final report is then published online as a valuable reference for interested parties throughout the industry—including your county Farm Bureau.
County Farm Bureaus regularly receive inquiries about local land values and fair rental rates. The report generated from MSU’s annual land survey is a helpful tool for fielding these information requests.
Land values influenced by myriad factors including geographical location, soil quality and drainage. The report generated from this survey takes such factors into consideration, resulting in a localized, general guideline for individuals inquiring. It also provides a reliable third-party resource for Farm Bureau to reference in fielding land-value questions.
To get an idea for what the finished product looks like, click here to see last year’s report.
The more people participate, the more accurate the data. If you’re inclined to contribute to this valuable resource, it’s accessible online here through July 6.
Kate Thiel is Michigan Farm Bureau’s field crops and advisory team specialist.