Introduced
by
To provide for an alternative agricultural production tax on agricultural property which meets certain standards making it eligible for a proposed property tax exemption certificate. The alternative tax would be levied at the same rate as the current property tax, but would be assessed solely on the property’s agricultural value, not on the “highest and best use” value which is the basis of assessments on other types of property. This means that tax rates on qualifying agricultural property would not rise faster than inflation, even if the development value of the property increased.
Referred to the Committee on Finance
