Columbia Basin, Ephrata, WA | Distance Runner - 8/20/2024 09:54
Of course, I look around my county, and see a large percentage of land held essentially in perpetuity by out-of-state landlords, the great great grandchildren of the original purchasers. They are three generations removed from the farm, and couldn't find their land if you drew them a map. Land is very rarely sold, after all why would they if it comes tax-free and will generate rent for the rest of their lives? And their children's lives. And their yet to be born grandchildren... this trend is not our friend. It's not good for farmers trying to obtain land, and not good for small towns as these out of state owners contribute nothing to the local economy.
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That trend breaks eventually. Someone wants or needs the money right away, or eventually the rent checks get so small that they become insignificant to the heirs and they sell then. I know someone that stands to inherit 1/147 of their family’s farm. The rent check has to be getting pretty small… it’s no wonder grain bids at the elevators in that area specify “One Check.”
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Elimination of stepped up basis
