Cash rental rate for family farm in Saint Mary's County
Our family has a farm in Saint Mary's county. It was used for tobacco and has been leased for cash crops, soy, winter wheat and corn for a number of years. The farm is 68 acres but has +/- 35 acres under cultivation. It is not irrigated. We receive a annual payment of +/- 1200 per year. This was a rate established years ago by my folks. My sister and I believe it's worth more but we are baffled by various terms and rates. Is $40 to $54 per acre a current rate? Appreciate any help or direction you can provide. Thanks in advance.
St. Mary's County Maryland
Average cash rental rates for each county in the state can be found here: https://extension.umd.edu/sites/extension.umd.edu/files/_docs/programs/grainmarketing/Maryland%20Cash%20Rental%20Rates%20Updated%20to%202016.pdf
The average value for St. Mary’s County as of the fall of 2016 was $48.50 per acre. Rental rates vary widely across the county and are influenced by soil type and productivity, deer or wildlife pressure, field size, farm location, ease of access, Farm Service Agency history, among other things. Some farms may rent for $100 per acre, and others are farmed for free or as little as $10 per acre. A cash rental rate is an annual flat cash payment based on the number of acres being farmed. There are other types of leases such as flex leases or share crop leases where the land owner takes a portion of the crop revenue. There are several types of these lease arrangements. For more information on farm leases see: https://extension.umd.edu/grainmarketing/lease-agreements
If you want to email me the address and a physical description of the farm, I can look up the soil type as well as an aerial survey and give you a better estimate of the farm productivity potential. I can be reached at firstname.lastname@example.org or 301-475-4481