What is the going rental rate for well tilled farm land. Been used for corn...
What is the going rental rate for well tilled farm land. Been used for corn and alternately soybeans for many years.
Erie County Ohio
There is no clear cut answer as there are so many variables that go into establishing a value, including yield history, soil type, soil fertility levels, drainage, size and shape of field, accessibility, and of course, a landowner and farmer who simply agree on price. Below is a link to the 2015-16 Western Ohio crop land values publication, which is some very helpful information that will show you a breakdown by county of poor, average, and top quality ground and prices paid in 2015. The article below that on the same web page gives a good narrative also.
Feel free to call or email me directly with questions after you review this and I will certainly help you come up with a plan for figuring an fair value.