Posted by paul on February 25, 2008 at 16:20:05 from (66.44.132.218):
In Reply to: Cash crop rent posted by seia on February 25, 2008 at 12:47:15:
I am in Minnesota so can"t relate directly to your local conditions, but, for those yields, your mom is getting taken advatage of. Land has slightly better yield potential here, but only slightly, and rens are $150-180 an acre this year, with "nice little old lady" rents of $120.......
There is no rent that stayed the same unless it was a multi year contract....
And your mom will be in for much higher property taxes on her land, so she is losing money if she stays the same rent.
One caution, most states have laws that renters need to be notified by September or so if they will not be able to rent the land the following year, so if there is no documentation in hand, there can be issues.
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