For a permanent fix, you'll need to replace the valve stem (and tube if equipped) and repair the rusted out hole around the valve stem. This is a very common problem on tractors that have tires loaded with calcium chloride.
The usual method of repairing the rim is to cut out the bad area, clean things up, weld in a patch and drill a new hole for the valve stem at another place on the rim.
You'll likely find that much of the inside of the rim is very rusty. Calcium chloride (a salt) is VERY corrosive. Rim may possibly be beyond economical repair, depending on the price and availability of a replacement rim.
If repairable, it's best to aggressively clean the entire inside of the rim, prime and repaint.