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Linda Henry, county executive ' director of the Warren and Rappahannock counties Agricultural Stabilization and Conservation Service (ASCS), recently reminded all for' eigners who have bought or sold ag3 ricultural land in the county to i report the transaction to ASCS * within 90 days. The report is res' quired by the Agricultural Foreign Investment Disclosure Act ' (AFIDA). * “A report must be filed if all or * part of the agricultural land is sold t or title is transferred to another pert son,” Ms. Henry said. She said fail2* ure to report could result in a civil ; penalty of up to 25 percent of the fair market value of the interests held in the agricultural land. * ASCS is responsible for keeping f track of how much agricultural land J is owned or controlled by foreign in3. dividuals or interests. Ms. Henry •j said the report must be filed when a j single foreign individual, organizajj tion or government, acting in con< cert, hold an aggregate interest of 10 | percent or more, or when a group of foreign individuals, organizations, ^and governments not acting in con; cert hold an aggregate of 50 percent , interest or more in agricultural land. t “We are also reminding county government offices, realtors, attorneys and others involved in real estate transactions of our AFIDA
obligations, and asking for their cooperation
and assistance by noti
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