Foreigners who buy, sell Md. land must file report

Farm Notes

March 17, 1996

The Carroll County Farm Service Agency reminds landowners that all foreign people who have bought or sold agricultural land in Maryland are required to report the transaction to the agency within 90 days.

To avoid federal penalties and fines, foreign owners of U.S. agricultural land must report their holdings, acquisitions, dispositions, leases of 10 years or more and land-use changes."The report is required by the Agricultural Foreign Investment Disclosure Act, which is still in effect," said Kelly Hereth, county executive director.

Failure to file the report could result in a civil penalty of up to 25 percent of the fair market value of the interest held in the property.

For reporting purposes, agricultural land is any tract of more than 10 acres in the aggregate now in farming, ranching, forestry or timber production.

County government offices, real estate agents, lawyers and others involved in such transactions are asked to notify the foreign investor of the requirements. Information: 848-2780.

Pub Date: 3/17/96

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