Illinois Illinois farmland has been assessed according to its use value since 1981. The Illinois Department of Revenue (IDOR) utilizes a landlord net income capitalization approach to calculate the agricultural economic value (farmland use value). This approach obtains use values of farmland per acre by net income based on the soil productivity index (PI) divided by an interest rate. Net income is gross income per acre less non-land production costs per acre. Prices and costs used in calculating net income are five-year average figures. Average yields based on soil productivity indices are used rather than actual yields. The interest rate used is the five-year average of the FLB farmland mortgage interest rate.
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