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IN HB1324
Bill
Status
1/13/2015
Primary Sponsor
Timothy Brown
Click for details
AI Summary
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Sets the statewide agricultural land base rate value at $2,050 per acre for the March 1, 2015 assessment date, expiring January 1, 2017.
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Establishes tiered annual assessment value growth rates for agricultural land after 2015 based on conservation practices: 2% for land using both conservation tillage and cover crops, 5% for land using one practice, and 8% for land using neither practice.
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Requires the Department of Local Government Finance to certify applicable growth rates beginning with the 2016 assessment year and provide notice of adjusted assessed values.
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Mandates that taxpayers using conservation tillage or cover crops file a request with the county assessor to receive the preferential assessment rates.
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Assigns the Division of Soil Conservation responsibility to verify adoption of conservation tillage and cover crop practices on agricultural land in coordination with the Department of Local Government Finance.
Legislative Description
Agricultural land assessments. Provides that for purposes of the March 1, 2015, assessment date, the statewide agricultural land base rate value per acre used to determine the value of agricultural land is $2,050 per acre (the base rate used for the 2014 assessment date). Provides that after 2015, the growth in adjusted assessed value is either 2%, 5%, or 8% depending on conservation practices. Beginning with the 2016 assessment year, requires the department of local government finance to certify the various rates that may apply. Provides that a taxpayer that wishes to receive the benefit of having conservation tillage or
Last Action
First Reading: referred to Committee on Ways and Means
1/13/2015