In spite of copious research on the topic, many questions about the relationship between agricultural subsidies and farmland values remain unanswered. Fundamental questions such as, “how is the marginal subsidy dollar split between the landowner and the farm operator” are rarely asked, perhaps due to the conventional wisdom that the landowner extracts the vast majority of subsidy benefits. A currently developing body of research demonstrates that landlords extract few of the "Ricardian rents" associated with subsidies. This presentation highlights the gulf between the conventional wisdom and empirical evidence.