Taxpayers giving too much to rich farmersSeptember 15, 2010 - 1:47pmopinion/letters
Interesting farm math for an owner of 200 acres of prime Minnesota, Iowa or Illinois farmland receiving $230/acre in annual cash rent:
Costs: $30/acre in real estate taxes, leaving $40,000/year in spendable income, plus the taxpayers will pay about 60 percent of his renter's crop insurance premium ($25) to assure the rent is paid, good crop or bad.
We'll also assume this farmland was inherited tax-free, very common.
So the market value...