Posted by northeast puller 1 on April 14, 2012 at 02:56:21 from (74.212.4.19):
have been reading the threads about this and here is my story and take on this. I have a say in 1/6 of the family farm. I am one of two that still live near the ground. The rest live all over the US. The buildings and house were sold 20 some years ago. Their is 100 acre with about 95 tillable in one location but your typical NJ 3 to 16 acre fields. Every couple of years some BTO offer some attractive rent for it. Which always starts the family discussion on collecting rent or giving it rent free to the little guy. We are on our third little guy rent free for some thirty years now. The first 2 pasted of old age or retired. Some of the family sees the big money dangling under their nose. I have to fight to keep the little rent free guy. And this is why. Like we have discussed here that some big and small guy do not put back what they take out of the dirt. The other thing is this that some have never brought up. If this farm was not farmed the taxes would be $ 4000 to $6000 a year. The first year the BTO drops you (when corn prices drop) you would lose your farm land assement and have to pay roll back taxes of 3 years or so. That could get too 30 or 40 K pretty quick. The right little guy maintains the fields and hedge rows and roads and has even brought a track hoe in to remove a coupe of mammoth rocks that every one has gone around for the last hundred years. I think when a farmer is going to or has to cut back on ground I doubt the rent free ground will be the first to be cut back. So in my mind getting rent or big rent is not always a good thing. The savings from land taxes is also a Irs tax savings also. So am I nuts to keep fighting for the little guy every couple of years or let most of the family have it their way and hope for the best that we do not lose the farm land exemptions.
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