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FREQUENTLY
ASKED QUESTIONS
How
is farmland assessed?
A
parcel of land used for agricultural purposes for two years is
eligible for a preferential assessment. Farmland is assessed based
on is agricultural economic value rather than being based on 33 1/3
percent of its market value as is other property. The agricultural
economic value is a calculation of an average of prices paid for
agricultural products, production costs, and interest rates that are
charged by the Federal Land Bank over a five-year period.
County
assessing officials evaluate all farmland in the county based upon
its productivity, taking into account the land’s actual use,
slope, erosion, flooding, and other factors which affect
productivity.
Farm
buildings are assessed at 33 1/3 percent of their contributory value
of the farm. Farm home sites and residences are assessed at 33 1/3
percent of their market value.
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