Photo Scanner: Farmland For Sale

Monday 19 November 2012

Farmland For Sale

As an older generation of farmers begins to retire, the actual process of farming is consolidating. While some farms in the Midwest become that much larger, other farmers elect to sell their land in plots as a form of retirement collection. Investments in farmers' lots can be a tricky realm of property purchase, where many factors should be considered. Doing proper analysis and understanding the laws behind development and re-zoning can help the process work for both the buyer and the seller. It is important to understand any federal, state, and county tax program in which the current owner is enrolled. The 1977 Farmland Preservation Act of Wisconsin, for example, allows major tax incentives of agriculturally zoned parcels over 35 acres, provided that the land is not rezoned for any other use within a given time period. This precludes development. For the prospective hobby farm this amount to huge tax benefits, but for someone looking to build a home it could cause further complications. Ensure that the land deed is "warranty", as to avoid any potential legal battles.