ASFMRA Ag News
October 25, 2022


Farmland is still going for record amounts. Just look at this recent sale in Iowa. In Plymouth County, Iowa, a new record was set to the tune of $26,250 per acre.

The farmland included 55 acres of high-quality farmland, according to Brock Auction Company, which managed the sale. That means the total bill was $1.44 million.

The bidding started at $17,000 per acre and three bidders topped $25,000 per acre, according to Jim Rothermich, ARA, of Iowa Appraisal. A local farmer had the winning bid.

Agricultural Legislation Update

Farm Bureau Releases Its Farm Bill Priorities; Two Different Takes on Climate Change Impact on Midwest Crop Production; And More.

MORE NEWS
The syndicated conservation easement industry claims a victory, but did they really win?
The wind turbines on his Colorado farm are 20 years old. Who’s going to take them down?
As weather patterns change, the demand for drainage tile reaches an all-time high.
The fight to control inflation by raising interest rates is casting a shadow on the 2023 economy.
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SOCIETY NEWS

The ASFMRA's new Three Approaches to Value on-demand offering is a self-paced online course for non-licensed evaluators and loan officers.

This three- to four-hour course teaches students to recall and apply the Income, Cost and Sales Comparison approaches in valuation assignments. Upon completion, students will also be able to:

  • Identify valuators as compared to appraisers, as well as valuation assignments as compared to appraisals
  • Arrange the five steps of the valuation process
  • Identify tools utilized by valuators when forming an opinion of value
  • Differentiate between rising markets, falling markets, and stable markets
  • Recognize reasonableness vs. perfections within the confines of a valuation assignment
By Claudia Gaglione, National Claims Counsel
for LIA Administrators & Insurance Services
Rural properties and acreage are rarely serviced by public sewers. In many cases, the waste disposal system on site is noted as being a septic system. Unfortunately, problems with the septic system continue to be an ongoing source of claims made against appraisers.

We cannot offer any magic language that will keep the appraiser from being sued when a septic system problem comes up; but we might get the appraiser dismissed out of the case after a motion is filed or perhaps, we can convince the Judge, or the mediator, that the appraiser is the least culpable of the defendants named in the case.

It is important that the appraiser always state within the report the source that was consulted to determine that the property is serviced by a septic system, whether it was MLS, public records, etc. That source should be deemed reliable and, of course, more than one source is preferable.

From The Scoop:

Florida's Hurricane Ian Losses Total Over $1 Billion Read More Here

Did Illinois Just Unlock the Secret to Solving World Hunger? Read More Here

Member Resources

View the most recent issues of LandOwner Newsletter, The Agriculture Letter and NCREIF Farmland Property Index, available for members only.
ADDITIONAL INFORMATION

Reminder: be aware of emails from ASFMRA members or staff asking for odd requests or requesting odd purchases. A good way to validate these requests is to check the actual email address, and not just the name you receive emails from.
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