ID H0560

Redesignates section 63-602K as section 63-602K205C and changes agricultural land valuation from "speculative portion" exemption to valuation at "actual use value" based on capitalization of economic rent or long-term average crop rental.

Establishes actual use value capitalization rate as either the rate of interest charged by local lenders for agricultural property loans or the Spokane office of the Farm Credit System (whichever is higher), averaged over the past five years, plus the local tax rate.

Prohibits agricultural land from being valued at speculative/development value until the land's use actually changes and it is no longer actively devoted to agriculture.

Requires the state tax commission to adopt rules establishing procedures for economic rent, average crop rental, capitalization rates, and publication of crop prices and discount rates by county.

Makes technical corrections to sections 63-509 and 63-602 by removing outdated code references related to speculative valuation of agricultural land.