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Foreign investors who acquire or transfer any interest other than a security interest in Rappahannock County’s agricultural land are required by law to report the transaction within 90 days.
The report must be submitted to the local USDA-ASCS office located in Washington, Va.
The ASCS reminds foreign investors that a report must be filed if all or part of the agricultural land is sold, or if the title is transferred to another person.
Failure to report could result in a civil penalty of up to 25 percent of the fair market value of the interest held in the agricultural land.
Foreign investors have reported owning 14.45 million acres of land in the United States as of Dec. 31, 1990. In Virginia, foreign-owned agricultural land totaled 118,000 acres for 1990.
For reporting purposes, agricultural land is any tract or more than 10 acres now in farming, ranching, forestry, or timber production.
This includes land in agricultural use when purchased, as well as land later converted to agricultural use.
Foreigners who own or have an interest in 10 acres or less do not need to report unless annual proceeds from the sale of agricultural products grown on these acres exceed $1,000. • The ASCS is responsible for monitoring how much agricultural land in Rappahannock County is owned or controlled by foreign individuals or interests.
Call 675-3616.
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