Posted by NY 986 on January 09, 2009 at 12:11:35 from (166.217.12.34):
In Reply to: land auction results posted by billonthefarm on January 09, 2009 at 10:45:29:
I'll begin by saying WOW! Read some of the other comments and saw no mention of what that is going to do to the tax assessment on that and surrounding land. The extra taxes to bear now that profit margins tightened back up leaves very little room for error in a bad year. At some point this may make farmers unattractive to bankers (those who have to borrow money). I worry how hard these values will fall when you pull away some the underpinning like section 1031 exchanges. Likely to happen because the development market has dramatically fallen off. I would not be surprised to see 1031 go away because the feds will be scrambling for revenue. Also, only older well heeled farmer from my experience are the only ones that can pay that. Not gonna fly with younger farmers who have to finance and have to show that parcel cashflowing on its own merit instead of relative to total farm cashflow which puts the whole operation at risk. Like everything prior to last year, big short term bonanza followed by much longer bust period.
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