OH HB398

Requires the capitalization rate used to determine current agricultural use value (CAUV) of farmland exclude appreciation and equity buildup in the computation.

Agricultural land used for conservation practices or enrolled in federal land retirement or conservation programs for at least three years must be valued at the lowest soil type value assigned by the commissioner.

If agricultural land valued at the lowest soil type ceases conservation use within 36 months, the auditor shall levy a charge on that land equal to taxes saved based on the lower valuation.

Applies to tax year 2015 and thereafter in all Ohio counties.