Lease land for pasture from neighbor?

[McCulloch610]

We just purchased our 2 acres last October and are getting ready to start our flock, but we're thinking ahead to the possibility of a few small breed cows or maybe a couple of horses. Our neighbor to the north operates a 120 acre hay farm. One of his fields is immediately adjacent to us-its about 10 acres including some woods. We are thinking of approaching him with the idea of leasing the land from him for use as pasture, but we have no idea where to start as far as establishing what a fair price would be. Below is a satellite photo which shows our property in blue and the proposed lease in yellow. Of the 9.8 acres we could fence a little over four. We are located in Hunterdon County, NJ. I did find NASS data for a neighboring county that pegged a price of $160 per acre for cropland usage, but I'm not clear on whether that is per year or per month?

https://www.nass.usda.gov/Surveys/Guide_to_NASS_Surveys/Cash_Rents_by_County/

I'd appreciate any guidance anyone can give. Some of you might wonder why we wouldn't just try to buy it. The farm has been preserved meaning the development rights were sold to the state and a perpetual deed restriction is put on the property that will allow only farming. It is very difficult if not impossible to subdivide preserved farmland.

 

[feedman77]

The 160 per acre is a year.

Pasture around my area is 80 to 100 per acre.

Won't hurt to ask if he would lease it.

 

[lazy gardener]

Can you find out what the tax base is on farm land? Find out what he would pay for taxes on a 10 acre parcel and offer the same in lease payment? If he's not using it, and has no plans to use it in the near future, he should be delighted to have you manage it, as long as you both come to an agreement regarding management style.

 

[McCulloch610]

Can you find out what the tax base is on farm land? Find out what he would pay for taxes on a 10 acre parcel and offer the same in lease payment? If he's not using it, and has no plans to use it in the near future, he should be delighted to have you manage it, as long as you both come to an agreement regarding management style.

I should be able to-taxes should be low since its preserved. He did not farm it last season and its sort of on the outer limits of his land, so I'm hoping that if we put it to productive use that it could be beneficial for both of us. All we would need is the ability to fence it-since it's adjacent to our land we could locate the housing and water on what we own.

*EDIT*

I was able to find the taxes easily through a state website-works out to about $20 per acre.

 

[itsasmallfarm]

not sure what the price is per acre,

my grandparents lease there land to a guy for raising cows (but its 480 acres of land) but he takes care of the fences (for the cows) he put in 3 dug outs on our farm and we have the right to hunt by his cows on our land was the deal (and then what ever payment option he does for leasing the land) sorry not much help due to the fact i don't deal with this farm/land (besides hunting on it)

but also this land is like an hour away from where we live.