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Jeff offers good advice here, another person who will know is Mike McCann - Nebraska Farm Land Broker
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It varies. here many people will lease farmland to local farmers so they qualify for land use which gives them huge discounts on their real estate taxes. other farmers will lease on shares. They provide the land/barn etc, someone else plants and havests the crops, and owner might get 20-30% of the crop value, stil qualify for land use, and the farmer leasing the land still makes a profit. Each farm and owner is different. Some will rent farmhouse and 5-10 around house to one person, then lease remaining land to farm. It could be crops or livestock.
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just like you do with rental properties - call other owners and see what they charge.
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I would call a local appraiser and a local farmer and perhaps and agent who specialized in farms and make a determination after those conversations and opinions are all factored in.
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It is currently being used for cows...by a neighboring dairy farm. It is about 50 acres. I am sure it could be used for horses too. There is a small rental house with an old garage/barn that could possible be converted into 3-4 horse stalls. It is all flat and no trees...just pasture land.