SANTA FE, N.M. (AP) — The New Mexico Land Office says it will be lowering fees this year for agricultural leases on state trust land.

State statute calls for the agency to annually update the fees assessed to ranchers and farmers who lease trust land for livestock grazing.

The amount is determined by a formula that accounts for private land lease rates, cattle prices, livestock production costs and other factors. The formula has been used to determine grazing rental rates since 1988.

Revenues earned by the agency help support public education.

Land Commissioner Stephanie Garcia Richard says agricultural leases are an important part of the agency's business, as about 8.8 million acres are leased to ranchers and farmers.

She says the leases represent a dedication to supporting the state's agricultural roots.

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