Sounds like some people need to be eliminated.
Marry a cousin?
Sounds like some people need to be eliminated.
I can't think of any other business with so much welfare. I know a lot of small business people that feel the same way.
What is CRP? . . . .
I wasn’t around then - he put a moratorium on farm sales?
Yep. You can see the article
https://news.google.com/newspapers?...AAIBAJ&sjid=2-UFAAAAIBAJ&pg=4461,331098&hl=en
Interesting read. Thanks!
If you don’t want to deal with any hassle, look at working with a farm management firm. Makes things next to worry free for you. Land is a great investment.Right now it is being cash rented for $200/acre to a neighboring farmer. They aren't currently looking to make a lot from the land but just make something on it until they pass it to us.
As for your question, why can't I wait to sell it, because I don't want to deal with the land and would rather just have the cash sale.
I have a client who just inherited a bunch of land, it was appraised for $8000/acre and they sold 50 acres for $8800/acre in order to pay off the mortgage and Iowa inheritance taxes (it was a weird situation) and they are planning to keep the rest and cash rent it. If I was them I would have sold it all took the approx. $2 million and not have to deal with the hassle.
180 acres for sale near me and the assessed value is $154,000 and they are asking $650,000.
Funny how people think ag taxes are too high but they are paying taxes on less than one-fourth of the value.
180 acres for sale near me and the assessed value is $154,000 and they are asking $650,000.
Funny how people think ag taxes are too high but they are paying taxes on less than one-fourth of the value.
You do understand how ag land is not taxed according to his value is taxed according to his productivity?
Most people don’t pay attention at houses are rolled back 50% also.Only because no one would be able to farm if it was taxed like housing. They've just figured out what amount of money can they extract without killing the activity.
Most people don’t pay attention at houses are rolled back 50% also.
I know but was just pointing out that houses aren’t taxed at full value.Farmland is also rolled back. It would make more sense to assess the land at close to a market value and then use a rollback.
https://tax.iowa.gov/sites/default/files/2019-10/2019AssmtLmtOrder.pdf
IT IS HEREBY ORDERED by the Department of Revenue of the State of Iowa that each county auditor shall apply the following percentages to the 2019 actual value of the following properties:
1) 81.4832% to the value of agricultural realty outside and within incorporated cities and towns in the county, excluding dwellings located on agricultural realty.
2) 55.0743% to the value of residential realty outside and within incorporated cities and towns in the county, including dwellings located on agricultural realty.
3) 90.0000% to the value of commercial realty outside and within incorporated cities and towns in the county.
4) 90.0000% to the value of industrial realty outside and within incorporated cities and towns in the county.
5) 71.2500% to the value of multiresidential property outside and within incorporated cities
Farmland is also rolled back. It would make more sense to assess the land at close to a market value and then use a rollback.
https://tax.iowa.gov/sites/default/files/2019-10/2019AssmtLmtOrder.pdf
IT IS HEREBY ORDERED by the Department of Revenue of the State of Iowa that each county auditor shall apply the following percentages to the 2019 actual value of the following properties:
1) 81.4832% to the value of agricultural realty outside and within incorporated cities and towns in the county, excluding dwellings located on agricultural realty.
2) 55.0743% to the value of residential realty outside and within incorporated cities and towns in the county, including dwellings located on agricultural realty.
3) 90.0000% to the value of commercial realty outside and within incorporated cities and towns in the county.
4) 90.0000% to the value of industrial realty outside and within incorporated cities and towns in the county.
5) 71.2500% to the value of multiresidential property outside and within incorporated cities
the property tax system is dumb.
they should have a value and tax that value instead of having a value, a rollback, and then a tax on that rollback. they needlessly add another step.
81.4832%
55.0743%
Is it really necessary to go to four digits past the decimal?
The attorney that I'm working with closing out the sale of my parents trust/land told me he had two farm auctions in NW Iowa last week. Could not get one bid on either farm. Yikes.