In April of 1980 Senate Bill 8923--A and Assembly Bill 11551--A was enacted by the New York Legislature which altered the procedures for valuing qualified farm land, The valuation procedure was changed from a market base to income capitalization. The legislation stipulates that the land classification system be administered by the New York Department of Agriculture and Markets, The State Division of Equalization and Assessment is to calculate land values using the income capitalization approach based on economic profiles developed by the College of Agriculture and Life Sciences at Cornell University. The purpose of this document is to explain briefly how faculty of the Department of Agricultural Economics at Cornell University constructed economic profiles for corn and hay. A description of the construction of one economic profile using a series of tables that contain the most important parameters utilized dominates the discussion. In this document, the term "economic profile" refers to the information required to determine the return to land for one high- or low-lime soil group.