The determinants of farmland prices are identified, and the differences in land price change among regions and land types are analyzed with a multilevel/hierarchical hedonic price model. It is shown that land types and the regional differences explain most of the differences in farmland prices. Since 2003 the overall farmland price has been increasing substantially due to the New Administrative City Plan. In addition, the Plan has expanded the price gap among different land types and regions. Farmland prices in a region with a higher possibility of land conversion have increased a lot more than those in a major rice-producing region.