The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-09-30
Land Values In Illinois.

Thanks to the recent report OF the Illinois
Bureau Of Labor Statistics. We have some
trustworthy statistics regarding agricul-
tural land values In one OF the most i'm
portant Of the Western States. The officers
of the several United States censuses have,
It ls true. undertaken to ascertain the true
value OF farms in connection with other
agricultural data, and they have published
the results OF their Investigations in totals
and averages by counties. Their mode Of
procedure. however. has been to ask for
and accept the assertions OF men supposed
to know the value of certain farms,
or the average value OF farms with
In certain areas. These census statis-
tics. therefore. Of agricultural land
values are really only the records Of
opinions. On the other hand. the Land
Commissioners OF Illinois have gone to the
one source OF exact. final. and official infor-
nation on this subject. namely. the public
records OF deeds. They have. Of course
been careful to distinguish bona .fde trans
actions from washed sales. tax sales, quit
claim deeds. and conveyances evidently
made for merely nominal consideration
1t ia. to be sure, impossible always to detect
the cases In which the real consideration
has been Intentionally obscured. but this
element OF possible error Is probably too
small to have any appreclable effect on av-
erages deduced from such number OF sales
rs arc reviewed in tho report before us.
The result OF the investigation may DO
thus summed up: The whole number OF sales
OF acre tracts OF land made In tho State OF
Illinois during tho year 1887 was 26.77l. BY
these cOnveyances 1860. 1867 acres were sold
81 To, - o.
Is equivalent to an average prico OF S32. 81
per acre. and an average tract OF 62.3s acres
to each conveyance. The highest price paid
for any land sold by tho aero was $4,000
for one aero near Chicago. and tho highest
price for tract Of five acres or more was
5000 an acre for five acres. also near Chi
cago: the lowest price paid was 10 cents IN
aero Cor fOrty-eight acres in Monroe county
Tho largest tract sold was 1850 acres in
Wayne county for s7.75 an acre The small
est parcel mot sold by the lott was ono
tenth OF an acre near Chicago ut tho rate OF
$40 IN acre.
Now. tho whole number OF acres as
eessed for taxation In Illinois In 1887 was
N.575.9O3. This number OF acres included
Ill lands OF every kind except such real es-
tate as was described and assessed as lots.
blocks. or subdivisions In or near cities.
towns. or villages. 1t consequently covered
the Same territory embraced In the investi-
cation made by the Commissioners of
Labor. This number OF acres multiplied by
the average value per acre. as computed In
tho report under review. namely. $50. 81.
gives as the aggregate value OF the land of
the State as distinguished from lots the
sum Of $l.136, 500. 1882. The assessed value
OF the same In 1887 was 1896. 478. 9SS. or 49, l6
per cent. OF the true value as herein esti-
mated. This result offers q general con-
firmation for the State at large OF tho pre-
vailing belief that lands In Illinois arc as
sessed for taxation at about one-thlrd Of
their real value.
Tho ratio. however. OF assessed to real
value differs widely In different counties. n
fact which persons intending to lend money
on agricultural land In Illinois will do we'll
never to loso sight Of Tho most striking
examples OF such variation are exhibited in
Cook county and In Alexander county. In
the former tho assessed value per acre Is
apparently only 7.2G per cent OF the COM
puted true value. whilo In tho latter tho
assessment Is $40 per cent. Of the estl-
mated value. In fifty-nine counties the
assessment Is substantially onc-third
OF the selling price. That Is to say. the
variation Ia not more than 5 per cent.
either way from the average for the State
62.lG per cent. In tho following counties the
assessment represents the smallest per-
centage OF the true Value, namely; Cook.