Understanding Illinois property tax calculations is complex and confusing. Properties such as personal residences are taxed based on fair market value. The State of Illinois assesses farmland based on the agricultural use value rather than the farm market value. Based on farm income...
Farmland values began to soften in late 2024. With decreasing farm profits in 2023 and 2024, farmland values held firm until the last quarter of 2024. This was the consensus of professional farm managers at the 2025 Illinois Farmland Values and Lease Trends Conference held in March, which The...
Cash Farm Rents in Illinois held steady to slightly downward in 2025 compared to 2024. At the recent Illinois Land Values Conference, farm managers from across the state released the statistics analyzed by the Illinois Society of Professional Farm Managers and Rural Appraisers (...
Keeping good financial records is vital for the farm's long-term success. Farm records can get neglected by most farmers who prefer to be out on the property instead of in the office. The following tips, if implemented, can make the farm operation more efficient and stronger and prepare the farm...
The United States Department of Agriculture (USDA) has released the estimated acres for corn and soybeans to be planted. The report indicates a substantial reduction in intended soybean plantings for 2025 (at a negative 4%), offset by a significant increase in intended acres to be planted in corn (...
Improving farm efficiency is vital in today’s farming world. Keeping track of your farm financial records and being able to report the results with ease helps the farmer to improve operational efficiency. Selecting the right software for record keeping is vital.Just like preferences in...
The average age of farmers in Illinois hovers at around sixty years of age. This statistic implies that many current farmers have memories of the 1980s when the world of Midwest farming fell apart: many family farm operations were forced out of business. The 1970s saw a sharp increase in grain...
Older machine sheds built in the 1970s dot the Illinois farm landscape. Are these old sheds worth keeping and using as rental buildings? The challenge is that many old pole sheds are in bad shape and too small for modern farm equipment. These sheds are expensive to maintain and repair. The owner is...
In August 2024, the U.S. Environmental Protection Agency (EPA) released a new herbicide strategy aimed at better aligning with the Endangered Species Act (ESA). This new strategy will alter pesticide labels by adding extra mitigation measures that seek to reduce pesticide exposure to over 900...
Currently, budgets for corn and soybean production by Illinois Farmers is projected to be below breakeven on profitability. University of Illinois Farmdoc budgets can be found here.Federal Crop Insurance can be...
