Dan Piller reported on the front page of today’s Des Moines Register (“Pressure’s on to sell farmland before end of the year”) that, “The clean, placid appearance of post-harvest Iowa farmland appears to be far removed from the messy fog of Congressional politics and the fiscal cliff.
“But pressure is intense to sell land before Jan. 1 when, if Congress doesn’t intervene, capital gains taxes will rise from 15 percent to 23.8 percent and deductions on estate taxes will drop from $5 million to $1 million.”
The article, which included the above graphic on farmland values (click on graph for full view), added that, “The extra inventory of land sales hasn’t cooled off Iowa’s hyperheated farmland boom. In October the state set a record price of $21,900 per acre in Sioux County.”
The Register also documented recent farmland sales in Iowa for $15,700 and $15,600 per acre.