Hoard's Dairyman’s Post

USDA: Land Values Up 5% Cropland Values Average $5,570 Per Acre, USDA Land Summary Report Says By Katie Dehlinger, DTN Farm Business Editor and Chris Clayton, DTN Ag Policy Editor Article Excerpts: “USDA said the value of all farm real estate increased 5% from 2023, averaging $4,170 per acre. This estimate includes buildings and other facilities. Cropland values increased to $5,570 per acre from the previous year. That's $250 per acre more, up 4.7%. The average pasture value was $1,830 per acre, a $90 per acre increase from 2023. That's a 5.2% change. Farmers paid an average of $160 per acre to rent cropland, but rents on irrigated ground averaged $245 per acre while dryland rents averaged $146 per acre. To compile its annual Land Values Summary, USDA uses a sample of 9,000 segments of land, each about a square mile in size. The agency's enumerators contact all producers in that segment to record cropland and pastureland values. They also collect an estimate of all land and buildings in the farmer's entire operation as well as percentage change from the prior year. Data is summarized by Regional Field Offices and those estimates and supporting data are sent to the Agricultural Statistics Board (ASB). The ASB reviews the material and compiles the national estimate.” https://lnkd.in/gYjjCnjz

In Texas, land owners can qualify for an Agricultural Special Use Valuation “ag use” if certain criteria is met. If a property qualifies, the property receives an assessed value that is often greatly reduced from that of the appraisal districts market value. This benefit often aids in large acreage sites which can be held for future development, but also for the typical land owners meeting local qualifications. To qualify for the Agricultural Special Use Valuation, the property must meet certain eligibility criteria, which generally includes: 1.      Land Use: The land must be actively engaged, and primarily used in agricultural production, such as crop cultivation, livestock grazing, timber production, or honey bees, for the bulk of the calendar year. 2.      Minimum Acreage: There is often a minimum acreage requirement for eligibility, which varies depending on the county, and type of agricultural activity. The corresponding eligibility and intensity standards can be received upon request from your local county appraisal district. 3.      Time Period: In order to qualify, land must be principally devoted for agricultural use for any five of the preceding seven years. If the land qualifies, the “ag use” can be retained with the property upon sale, so long as the continuation of the use is maintained. The “ag use” follows the underlying land and not the ownership. The deadline to file the Agricultural Special Use Valuation application is April 30th. You may still file after the April 30th date, or at any time before the appraisal review board approves the appraisal records (usually in July). In this case, a penalty will be assessed for filing late, but the net savings is still beneficial to the property owner. If you are a new applicant for the special use valuation, its time to begin gathering documentation and photographs to aid the county agricultural appraiser in the approval of your property. Any specific questions regarding qualifications and approvals should be directed towards your local appraisal district. #propertytax #Texas #realestate #appraisal

In our latest edition of Agri Matters you'll find a selection of the latest financial and tax news put together for farming businesses by our dedicated Agri Accounting Team. This edition covers farm vehicle allowances, choosing the right structure for your farming business and more: armstrongwatson.info/AgriM Don't want to miss the next issue? You can find the link to subscribe at the end of the newsletter. #agriculture #farming #accounting

New Post: Farmers, Ranchers, and Other Agricultural Managers - https://lnkd.in/eVS7k_AG of the Occupation:Farmers, Ranchers, and Other Agricultural Managers are professionals responsible for overseeing and managing agricultural operations, including farms, ranches, and other agricultural enterprises. They play a crucial role…

From past crop performance and soil health to technology and labor management, farmers have a lot to think about and plan for to optimize 2024 crop output. With 2024 upon us, Iowa farmer and Nationwide Agribusiness Risk Management Consultant Derek Hommer, recommends weighing a few key variables in planning for the 2024 crop year. #AgInsightCenter #ProtectYourNext

AGRICULTURE--More Support for Farmers Impacted by Extreme Weather, Wildfires in 2023 ------------------------------------------------------------------------------------ Farmers and other agricultural producers recovering from losses and damage due to the extreme weather or wildfires during the spring and summer of 2023 can now access new funding from the Province. “Wildfires, floods, ongoing rain and wet conditions took their toll on agriculture, leaving thousands of hectares of damage, including extensive crop and yield loss,” said Agriculture Minister Greg Morrow. “Agriculture is essential to feed our families and maintain a healthy provincial food supply. This new funding will help fruit, vegetable, berry and forage farmers as they recover and plan for the upcoming season.” The 2023 Season Response Program builds on other business risk management programs that were available last year. The new program is intended to help those still recovering or who were not covered by the other support programs. The new program covers crop damage and yield loss that was a direct result of flooding, excessive precipitation or wildfire damage. Other losses such as farm infrastructure, supply losses and the cost of re-establishing fields may qualify and will be considered. This program supports the government’s mandate to increase local food consumption and the percentage of Nova Scotians’ food budget spent on locally grown and produced foods. Quotes: “We appreciate the recognition of how challenging this past year was for our farmers and local food production, as our industry experiences first-hand the impacts of climate change. This support comes at a critical time as farmers contemplate decisions for the upcoming season. We remain hopeful for a brighter year ahead and look forward to continuing our work together to strengthen our local food system.” — Allan Melvin, President, Nova Scotia Federation of Agriculture Quick Facts: - the Department is allocating $9.2 million to the 2023 Season Response Program - the deadline for applications is March 13; eligible applicants are registered fruit, vegetable, berry and forage farms - from June to August 2023, the government’s Kentville weather station measured precipitation on 53 out of 92 days, with five days having more than 25 millimetres of rain recorded - excess rain created significant problems for farmers, including issues with field access, crop quality, crop management and pest control Additional Resources: 2023 Season Response Program: https://lnkd.in/gyY_PFya News release – Program Still Available to Agriculture Sector: https://lnkd.in/gEZ4T4GY News release – Financial Support for Farmers: https://lnkd.in/gXQv6jGa

From past crop performance and soil health to technology and labor management, farmers have a lot to think about and plan for to optimize 2024 crop output. With 2024 upon us, Iowa farmer and Nationwide Agribusiness Risk Management Consultant Derek Hommer, recommends weighing a few key variables in planning for the 2024 crop year. #AgInsightCenter #ProtectYourNext

From past crop performance and soil health to technology and labor management, farmers have a lot to think about and plan for to optimize 2024 crop output. With 2024 upon us, Iowa farmer and Nationwide Agribusiness Risk Management Consultant Derek Hommer, recommends weighing a few key variables in planning for the 2024 crop year. #AgInsightCenter #ProtectYourNext

New Post: Farmers, Ranchers, and Other Agricultural Managers - https://lnkd.in/epnjUWtj of the Occupation:Farmers, Ranchers, and Other Agricultural Managers are professionals responsible for overseeing and managing agricultural operations, including farms, ranches, and other agricultural enterprises. They play a crucial role…

From past crop performance and soil health to technology and labor management, farmers have a lot to think about and plan for to optimize 2024 crop output. With 2024 upon us, Iowa farmer and Nationwide Agribusiness Risk Management Consultant Derek Hommer, recommends weighing a few key variables in planning for the 2024 crop year. #AgInsightCenter #ProtectYourNext