ID H0495

Changes the valuation method for agricultural land from "speculative portion" exemption to valuation based on actual use value, established by capitalization of economic rent or long-term average crop rental at a rate determined by lender interest rates or farm credit system rates (averaged over past 5 years) plus local tax rate, whichever is higher.

Requires use of county or regional rates and prices for valuation; allows statewide rates only if county/regional rates unavailable, and national rates only if no other rates are available.

Specifies that land actively devoted to agriculture shall not be valued at speculative/development property value until the use has changed and it is no longer actively devoted to agriculture.

Requires State Tax Commission to adopt implementing rules establishing procedures for economic rent, crop rental, capitalization rates, and crop price publication, but any such rules must be approved by concurrent resolution of both the Senate and House of Representatives or they are deemed rejected and ineffective.

Makes technical corrections and removes code references in sections 63-509 and 63-602 related to property tax exemptions and delivery of property rolls.