How much does farm land rent out for?

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If you buy a home with property that has a few acres of farm land, is it common to rent out the land to another farmer or company? I have no intentions on becoming a farmer or maintaining land, nor do I understand the business. If it's there might as well put it to use.

What are going rates for this and how do you avoid being taken advantage of?

This is just a hypothetical since some properties I have been looking at occasionally include farm land. Corn and soy beans are popular in the area.
 
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Are those rates per year? I would have thought it would cost more to rent land to farm on. Of course, the rate per acre drops when renting a large area so that might skew the data.
 
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The practice may even allow you for a property tax deduction putting the land into an agricultural category.
in ohio iirc you have to have at least 1500$ in no nonsense sales. ie no funny business.

The tax rate is aprox an 8th the rate of similar land that is unimproved.. ie weeds n scrub trees etc.

For example I know the neighbor that runs a few cows on his acres next to mine pays less than 1/4th vs what I payfor my land that is half the size of his.

I have considered selling timber etc. but apparently they are very stiff to convince that its AG land they dont want to lose that tax revenue.
 
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You can look into the Conservation Reserve Program, the draw back is you have to allow foot traffic for pheasant hunters and the like.

 
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If you buy a home with property that has a few acres of farm land, is it common to rent out the land to another farmer or company? I have no intentions on becoming a farmer or maintaining land, nor do I understand the business. If it's there might as well put it to use.
Unless the farmers land is adjacent, is it worth it for farmers to transport their tillers, planters, waterers, harvesters, etc. to farm just a few acres? Unless they are growing pot maybe?
 
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If you buy a home with property that has a few acres of farm land, is it common to rent out the land to another farmer or company? I have no intentions on becoming a farmer or maintaining land, nor do I understand the business. If it's there might as well put it to use.

What are going rates for this and how do you avoid being taken advantage of?

This is just a hypothetical since some properties I have been looking at occasionally include farm land. Corn and soy beans are popular in the area.
Hate to burst your bubble, but how many are "Few" acres, 5-10-20 or more?
As a former farmer I can tell you that you'll be lucky to get a farmer to get his equipment ready for less than 10 ac of GOOD soil.
Don't know where you live, but If you don't want the upkeep of your land the easiest way (if it is fenced) is to offer it for grazing,
if it s not fenced then you can come to an agreement, (in writing for your protection) where the lessee will build the fence to agreed specs and fertilize the land according to use. Some land is just land worthless for farming.
 

Owen Lucas

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Hate to burst your bubble, but how many are "Few" acres, 5-10-20 or more?
As a former farmer I can tell you that you'll be lucky to get a farmer to get his equipment ready for less than 10 ac of GOOD soil.
Don't know where you live, but If you don't want the upkeep of your land the easiest way (if it is fenced) is to offer it for grazing,
if it s not fenced then you can come to an agreement, (in writing for your protection) where the lessee will build the fence to agreed specs and fertilize the land according to use. Some land is just land worthless for farming.
Most properties appear below 10 acres, some more, but those come with barns and stuff I'm not interested in.

All of the aerial photos show tilled crop rows so someone's working it but I don't have any specifics about the properties.

If no one wants to farm it then does the land usually go to weeds or become less desirable?
 
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Most properties appear below 10 acres, some more, but those come with barns and stuff I'm not interested in.

All of the aerial photos show tilled crop rows so someone's working it but I don't have any specifics about the properties.

If no one wants to farm it then does the land usually go to weeds or become less desirable?
That would be your best bet, someone already in the area.
If land is fallow, this could be an asset as the land needs rest or a liability depending on whether there are weeds or not.
It's not an easy call to know what to do. IMO the easiest way for you is to offer it for grazing, could be cattle, sheep or goats.
 
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in ohio iirc you have to have at least 1500$ in no nonsense sales. ie no funny business.

The tax rate is aprox an 8th the rate of similar land that is unimproved.. ie weeds n scrub trees etc.

For example I know the neighbor that runs a few cows on his acres next to mine pays less than 1/4th vs what I payfor my land that is half the size of his.

I have considered selling timber etc. but apparently they are very stiff to convince that its AG land they dont want to lose that tax revenue.
You are audited for three years in Ohio . After that, it's the honor system. Some counties like Medina, it's $2500 income for three years BEFORE you can even apply for cauv. You can raise chicken, sell the eggs, have an orchard or whatever produces income from the land. You have to keep good records to prove it.
 
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Guy near me had to stop farming due to the lack of water. So now he rents his land out to Walmart who parks their containers there. They pay $25 a day per container and there is about 3000 of them there


Used to be you had to strike it rich with a oil well on your land. Now it’s containers.

Going by your numbers that’s over $2 million a month! 😳
 
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Guy near me had to stop farming due to the lack of water. So now he rents his land out to Walmart who parks their containers there. They pay $25 a day per container and there is about 3000 of them there
That's $75000 a day,seems a bit high.
$27,375,000 per year,are you sure?
 
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