Published on Oct 3, 2016 by Peoples Company
(photo credit Joe Murphy)
Greetings! Land auctions were not as active this week. There was a total of 1,118 acres offered at auction, of those acres, there were 877 tillable acres. I would describe the auction results as “strong”. There were no “no sales” last week. On $/tillable CSR2 point, there were 2 sales that were below $100/tillable CSR2 point. The range was from $97/tillable CSR2 point too $211/tillable CSR2 point. A few of the highlights from last week:
This week auctions were strong. All realtors I’ve talked to were very happy with the auction prices. Most of the buyers were farmers. There is still a little over one farm per county in Iowa for sale that is north of 85% tillable. This fact alone is keeping the market stable.
Last month, the IRS issued proposed regulations under section 2704 (Estate Tax) of the Internal Revenue Code that would permanently change estate planning for families that own a controlling interest in a privately held entity. If adopted, the proposed regulations would restrict or eliminate available valuation discounts, thus directly increasing the tax associated with certain transfers. This would effectively discourage families from continuing to operate, grow and/or pass on their family businesses to future generations or others. Take the time to educate yourself on
Check back next week for continued conversation on the auctions we’re seeing from around the state, and be sure to take a look at our August auction results that we just release last week. Please make sure and hit the “like” button on Facebook and follow us on Twitter @PeoplesCompany and @TheLandTalker.
“That is my story & I’m sticking to it”.
Thanks, Jim “the Land Talker”