A Real Estate Question --- Agricultural Easement ?

[Farmwithjunk]

Start with a call to the county extention office. They might well have a "standard" lease agreement that you can study. (Ext. Office's in Ky do)

The big advantage to using "form lease" is that the state in question is PROBABLY used to dealing with the terms set forth in the agreement, come time for tax's. Down side? The last Ky "form lease" I saw was stone age stuff. It was drawn up in the early 1960's.

In MOST states, once you lease AG ground to someone, you must give written notice, by a certain date, to let them know they can't farm it the following year. Failure to do so means they just "roll over" the lease the following season. You can't touch the place until their crops are through. Then you must file notice the NEXT year.

 

[gates]

Tc35,
What ever you decide to do, make sure it is in writing. A piece of paper, with a couple of signatures, will be worth its weight in gold if there are any problems in the future. With out being to philosophic, times change and no one knows what the future will bring. The paper will be a good tool to help you control your future. The paper definetly trumps the he said, she said card! /forums/images/graemlins/grin.gif

Ron

 

[dmccarty]

tc35dforme,

Check your county tax office they should have the paper work if there is a reduction in taxes for agriculture valuations.

In NC one can do this for ag or timber land. I'm trying to get a timber valuation this year. There are rules and proof the tax office want to see to prove that you are really using the land for timber or ag production. They don't want to lower someones taxes and not have them producing or trying to produce on the land.

Later,
Dan