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Dipti nailed this one!
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Nice answer from Jeff.
Jeff offers good advice here, another person who will know is Mike McCann - Nebraska Farm Land Broker
Now this is unique Dale. How did you do that?
It varies. here many people will lease farmland to local farmers so they qualify for land use which gives them huge discounts on their real estate taxes. other farmers will lease on shares. They provide the land/barn etc, someone else plants and havests the crops, and owner might get 20-30% of the crop value, stil qualify for land use, and the farmer leasing the land still makes a profit. Each farm and owner is different. Some will rent farmhouse and 5-10 around house to one person, then lease remaining land to farm. It could be crops or livestock.
just like you do with rental properties - call other owners and see what they charge.
I would call a local appraiser and a local farmer and perhaps and agent who specialized in farms and make a determination after those conversations and opinions are all factored in.
Would this be used for pasture for cattle or horses?