2003 House Bill 4702 ↩

Senate Roll Call 159: Passed

To require property tax assessments on qualified agricultural property to be based only on the prior year sale prices of comparable agricultural lands which had affidavits certifying that the property would remain in agricultural use, or which the assessor knows will remain in agricultural use. In other words, agricultural assessments would be based on prices of comparable land sold for agricultural purposes and not the prices of those 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).