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Whether the seller has been assessed a penalty - Wis.That the land has been assessed as agricultural land under the use value law - Wis.The current versions of the Wisconsin REALTORS ® Association’s (WRA) property condition report forms contain the three mandatory disclosure requirements: § 74.485(7) in the property condition report whenever the property being sold is assessed under the use-value system. REALTORS ® should advise sellers of agricultural land to include the disclosures required by Wis. In a sale transaction, this is often the buyer, not the seller. However, the county treasurer assesses a penalty to the person who owns the property when a non-agricultural use is begun. Owners can farm without paying the significantly higher property tax that would result if the assessment were based upon the highest and best use - the potential development value of the land. Rather than assessing the property based on its fair market value, farmland is assessed based on its agricultural use. The use-value system for assessing farmland gives farmers a tax break.
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Regardless of the buyer’s experience, myriad farm-related conditions and factors may need to be addressed in the transaction. The buyers may be starry-eyed city slickers seeking the idyllic peace and tranquility of the country or a sophisticated agribusiness corporation. A farm sale may be the traditional sale of a family farm, a corporate agribusiness, a hobby farm or farmland for new development.