Introduced
by
To require property tax assessments on qualified agricultural property to be based only on the prior year sale prices of comparable agricultural lands that had affidavits certifying the property would remain agricultural. In other words, agricultural assessments would be based on prices of comparable land sold for agricultural purposes, and not the prices of land sold for development, which often are higher. When agricultural property is sold with the affidavit, it is not subject to the Proposal A property tax “pop up,” in which the property tax assessment jumps from a capped “taxable value” to the current (and higher) state equalized value (market value).
Referred to the Committee on Tax Policy
