Leasing Farm Land?
I was wondering about buying farm land, living in the house but leasing out the land to www.farmers.I live in Michigan and was wondering how this usually works, and what the rates are, which Im sure depend on which crops...
thanks
Nick
I can't tell you numbers, but I have a few nieghbors that lease out their land, and they tell me it's enough to pay the taxes, but I could not have recieved the whole truth.
Marv
I don't know what the numbers are either. However, it's possible that it may cover the taxes if the property is under some preferential tax assessment for non-development.
NancyC,
I'm on 17ac, when I looked at the courthouse my tax breakdown it was like 3ac residential and the rest was wooded/farmland and was cheap. The neighbor I was referring to has 80ac and the same on breakdown with farmland being the cheapest.
Now I feel guilty practicing looking
up the deeds and tax records on my neighbors,lol.
Marv
Marv,
Just curious, as between you and your neighbor, who's got higher taxes?
Nancy
NancyC,
He does. He has 2ac as resident 10 to 15 wooded and the rest agriculture. Even though ag. is cheaper 60ac is quite a diff.
What bites is that this year my taxes went up 300+, I've only lived here in Wisconsin 2 yrs, and I hope the taxes don't keep going like that. even though I think the tax assessor bumped me because of the purchase price, but they went up all around. I didn't meen to answer more than you asked.
Marv
Marv,
I understand your frustration. Don't know if it's a seller's market where you are, but perhaps after the pendulum starts to swing towards being a buyer's market, you should look into seeking a tax assessment reduction.
Nancy
NancyC,
I am trying to see what kind of a market it is too. the housing cost has gone up, but the jobs and population are ?? A lot of people commute. I called an agent and pounded him with Q's, he was helpful but it's a conventional type market here. Time to help some people with some cre. I still have to go to Minn. and south to the bigger city.
Marv
ps, any suggestions?