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group of heifers. Foreign owners must report
Foreigners who have bought or sold agricultural land in Rappahannock County are required to report to local USDA-ASCS office located in Washington, Va.
ASCS reminds foreign investors that this report is required by the Agricultural Foreign Investment Disclosure Act. 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 interests held in the agricultural land.
Foreign investors have reported owning 14.8 million acres of land in the United States as of Dec. 31, 1991. The local ASCS is responsible for monitoring how much agricultural land in Rappahannock County is owned or controlled by foreign individuals or interests.
For reporting purposes, agricultural land is any tract of 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.
A “foreign person” can be an individual, a government, a foreign organization or U.S. organization with foreign investors who hold significant interest or control.
County government offices. Realtors, attorneys and others involved in real estate transactions are asked to notify foreign investors of these reporting requirements.
Measure before planting
The Rappahannock County Agricultural Stabilization and Conservation Service (ASCS) advises local farmers to use pre-measurement service before planting their spring crops. Doing so will guarantee that field sizes are accurate for the 1992 program year. Pre-measuring assures that farmers are in compliance with the acreage reduction requirements and eliminates the worry over loss of program benefits.
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