This form is a lease agreement for farm land. The lessor will pay all ad valorem taxes assessed against the leased property. The lessee shall pay all taxes assessed against all personal property located on the premises and will also pay all privilege, excise and other taxes duly assessed. The lessee will pay the taxes when due so as to prevent the assessment of any late fees or penalties.
Iowa Farm Lease or Rental - General
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FAQ
With a land lease agreement (also known as a ground lease), you purchase the home but rent the land. One of the main advantages is the lower price of this unique arrangement. One of the main disadvantages is that you will not be able to build valuable equity in the land on which you live.
The advantages of the first are that the tenant in many cases is free to manage the farm as he pleases, and as a long-time proposition he may pay less rent than under crop-sharing arrangements. The chief disadvantage is that the tenant agrees to pay a definite sum before he knows what his income will be.
Over half of Iowa farmland is owned by someone who does not currently farm, of which 34 percent is owned by owners with no farming experience, and the remaining 24 percent is owned by retired farmers.
DES MOINES The world's third-richest man is now reportedly the biggest farmland owner in America and he's also among the largest in Iowa. Billionaire Bill Gates, the co-founder of Microsoft, now holds claim on some 269-thousand acres of land across the country, including 242-thousand acres of farmland in 19 states.
Deadline to terminate a farm lease in Iowa is September 1. You must serve notice of termination by then, or the farm lease will automatically renew. A farm lease automatically continues from year to year unless either party (landlord or tenant) gives notice of termination.
Gates owns only 552 acres in Iowa, vs. Nebraska where he owns 20,588 acres. Most of Mr. Gates' purchases are made through front organizations and it appears that Cascade Investment is the front group purchasing the land.
Most farmers find that a combination of both ownership and leasing is desirable, especially when capital is limited. For many new farmers, especially in areas where land is quite expensive, leasing land is often the best option.
Farmland has historically been a good investment. Unfortunately, not many investors have been able to benefit from this asset class, given the high upfront costs of buying farmland.
A farm lease is a written agreement between a landowner and a tenant farmer. Through a farm lease, the landowner grants the tenant farmer the right to use the farm property. Key terms of basic leases include the length of the lease, rent amounts and frequency of payment, how to renew or end the lease, and more.
RENTED LAND: Fifty-three percent of Iowa farmland is rented, with 83 percent of the agreements for cash.