- Thread starter swindave
- Start date
RobCons
Well-known Member
- Location
- Central Alabama
Here it is pretty location dependant. The county I live in 10k or so per acre. Cross the county line and it can go down to a few thousand per acre.
newhollandnut
Member
It’s still really high in south central Indiana. Some of it I attribute to 2 or 3 guys that buy everything that comes up for sale in a 10 mile radius. I was able to buy 13 acres with a small house and 40x64 building right before nnalert hit. I thought I paid a pretty steep price until I started looking around at houses for sale around and in town. The way it was laid out I didn’t figure any of the big buyers would want it but I jumped on it just because the Amish keep creeping in on it and I knew given the chance they would be all over it and I did not want them as next door neighbors. They are fairly nice people but at the breeding rate that they multiply they are becoming I very big problem in my county and the county south of me. Bad thing about land is there’s only so much of it so I guess you gotta pay whatever makes the seller happy if you want your own piece of the pie. That being said there is 80 acres a few miles north of me that has been for sale for over 3 years with a house and some building they’ve only dropped the price $10,000 since its went on the market which isn’t a drop in the bucket when you want over a half a million
Butch(OH)
Well-known Member
Last prime farmland near me sold 2 year ago at over 10K per each. The usual around here is about half tillable and half woods and waste and prices are 5-8K depending on ths tillable percentage and road frontage. The hot item here right now is old farmsteads with a few acres and other rural homes, they sell as fast as can be listed and it seems that one cannot ask too much for them. Just down the road a farmstead with 6 non tillage acres, one old barn and a smallish but remodeled century farm house sold in a couple days for 350,000.
Texasmark1
Well-known Member
For years FL around here was pretty cheap when compared to Corn Belt land. However that's all changed. The DFW metroplex is exploding and prices on 100 acre property of variable potential usage is running $10k and up. Popular 10-20 acre plots are even higher and if you stick a live-able dwelling on it, look out. City folks want out and newbies come in with pockets full of cash. Hope they don't change what doesn't need changing.
Bruce from Can.
Well-known Member
- Location
- Woodville, Ontario, Canada
Pressure is increasing farm land value here, low lying, non drained or I could say unimproved farm land that needs tile put in, fence rows removed, and bush pushed back, will fetch $10.000.00 per acre. Particularly if there is a reasonable house on the farm, that could be severed and sold. A decent old farm house built with brick, can bring $350,000.00-$400,000.00 now days. Good clear land brings considerable more, and bidding wars can send it to 12-15 grand per acre. Lots of so called investor money buying up farm land here. Not sure the actual reason, but only 100 miles from Toronto isn’t as far now as it was 40 years ago I guess.
Gambles
Well-known Member
I live in an area with both good farmland and wooded areas. The farmland is keeping the same value, or even going higher thanks to a local multimillionaire who is buying up good farmland at ridiculously high prices. The wooded areas are being purchased by out-of-county or even out-of-state deer hunters who bring in their buddies to hunt trophy deer.
Bruce from Can.
Well-known Member
- Location
- Woodville, Ontario, Canada
As I see it, and just my opinion but, the price of farm land currently places owning farm land and paying for it with crops/ livestock raised on the land purchased, will take longer than one man’s lifetime. Land values out strip profits by a long shot.
Land prices in central KY are outrageous. A 600 acre raw land, no buildings or barns, parcel went up for sale this spring 1/2 mile down the main road. I called to ask permission to fish the 2 nice ponds. The owner told me I should look at purchasing since he had just dropped the price to 3.2 million. What farmer could ever afford such a price? Add to that the cost of a house and at least one nice size barn and the result is bankruptsy. The land is gently rolling with a few steep spots, but can drive a tractor over 95% of the land. Running cattle on it now. Only crop is hay fields for the cattle. Sure looks like it is being priced for development, not farming.
Naylorbros
Member
2 to 3 hundred thousand an acre. Then it’s last crop will be houses
Land prices in central Kentucky are at an all time high. A 600 acre parcel located 1/2 mile down the main road from me. Nice laying ground with 95% plus acceptable for tractot movemenr. No buildinsg at all, not even a barn.
I called the owner for permission to fish the 2 nice ponds. He told me that I should buy the place since he has dropped the price to 3.75 million. What farmer could afford that for farming. It is in all hay now, no cash crops in the last few years. Sounds like pricing for development.
What it seems to boil down to regardless of area is the guys who have 2,000, 5,000, or 10,000 acres having enough net income between crop sales, livestock, and government payments to make a knock-the-other-guy-out offer on a 100-200 acre parcel. I hear about this happening in my area as well as others. Productivity and return on a new purchase have nothing to do with the bids on ground. Its about using economic power in house to keep others out. The banks don't go much past 1,500 dollars per acre for loan purposes so that other portion comes in house and if the farm can make the payment in one swoop often that will happen. Then a person does not have to deal with fickle bank policy. It gets a whole lot more complicated if the farm in question is 1,000 acres so most bidders would have to hope that the seller can hold a mortgage in order to offer 10,000 dollars per acre.
CenTex Farmall
Well-known Member
In our area the driver is people with money moving in from out of state and those retiring with lump sum payouts who "always wanted to live in the country".
The real damage to the rest of us is that we end up paying so much more in property taxes due to the rise in values. The taxing entities rarely lower the tax multiplier even though they had a lot less money a few years ago. They are content to let the money roll in and find shiny new things to spend it on.
It's a broken system. It works ok when values are relatively stable over time. The outside money has destabilized everything and caused a spike in prices that results in a spike in taxes.
The real damage to the rest of us is that we end up paying so much more in property taxes due to the rise in values. The taxing entities rarely lower the tax multiplier even though they had a lot less money a few years ago. They are content to let the money roll in and find shiny new things to spend it on.
It's a broken system. It works ok when values are relatively stable over time. The outside money has destabilized everything and caused a spike in prices that results in a spike in taxes.
Crazy Horse
Well-known Member
Texas Farmall .... I guess that happens everywhere, can you imagine what happened to prices when the white Europeans arrived in North America? Prices skyrocketed and the native Americans got left in the dust.
Truer words were never spoken. Outside money will probably bring down the whole house of cards at some point. A couple of these jokers locally are feeling the pressure as current commodity prices are not supporting the payments required for the big moves they made a few years ago.
CenTex Farmall
Well-known Member
Yeah, kinda hard to negotiate when you bring a knife to a gunfight.
If you feel your assessment is too high. Do your homework and go see the Board of Assessment Review. We have never failed to lower a assessment if the tax payer has legitimate proof.
Please keep in mind, if every assessment doubles, the actual tax does not go up. The actual tax only goes up when your elected officials spend more money and increase the budget.
Bill
Please keep in mind, if every assessment doubles, the actual tax does not go up. The actual tax only goes up when your elected officials spend more money and increase the budget.
Bill
Blackhole49
Well-known Member
- Location
- White Lake MI
Your second statement doesn't make sense. In MI, my taxes are limited to a 5% increase every year. If my assessment goes up 3% my taxes go up 3%. If my assessment goes up 10% my taxes go up 5%. The only way my taxes don't go up is if my assessment stays the same (ya right). When the market crashed in 2008, my taxes continued to rise for 3 years because my limited taxable value was still below my lowered assessed value.
It might depend on if you are buying farmland, holding farmland for retirement or selling. If the value of farmland dropped by 50 percent tomorrow most land owners would be outraged. Active farms would use the opportunity to expand if they can afford it.
Outside money is attracted to farmland because commodity price supports and generous crop insurance gives investors the impression that it is very hard to loose money on farmland.
Outside money is attracted to farmland because commodity price supports and generous crop insurance gives investors the impression that it is very hard to loose money on farmland.
It is hard to understand. I'll try again. If all assessments double and the tax levie remains the same, the tax will remain the same. Now if the tax levie(the budget) goes up, then the tax amount will change. Another way, if the assessment doubles from 10K to 20K and the budget remains the same. The tax rate, the amount per 1K will be cut in half and you will pay 20X, rather than 10X, but the actual cost will be the same.
Bill
Bill
I disagree. I'm also in NYS and the State has come in and told our Assessor and County Real Property Office that our lands are all under valued. The Assessor can only do so much. Look for taxes to increase a bunch to pay for the lowered sales taxes/income taxes in NYS.
Bret, NYS has tried to keep the equalization rate close to 100%. So as property values increase the assessment should go up too. NYS has a
ad folarum tax, property is valued at "what a willing buyer will give a willing seller" (the market value) The trick is to keep the
assessments equal and fair. The total budget is divided by the total evaluation and that gives you the the tax per thousand. That is
multiplied by your assessment and there is you tax. There is a little more to it than that, that's simply put.
Bill
ad folarum tax, property is valued at "what a willing buyer will give a willing seller" (the market value) The trick is to keep the
assessments equal and fair. The total budget is divided by the total evaluation and that gives you the the tax per thousand. That is
multiplied by your assessment and there is you tax. There is a little more to it than that, that's simply put.
Bill
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