SB2320 amends the Property Tax Code to continue assessing wooded acreage classified as farmland in 2006 until December 31, 2029.

SB2320 amends the Property Tax Code to continue assessing wooded acreage that was classified as farmland during the 2006 assessment year. The assessment will be based on the current fair cash value of the property multiplied by a transition percentage. The transition percentage is determined by dividing the property's 2006 equalized assessed value as farmland by its 2006 fair cash value. This preferential assessment treatment will continue until December 31, 2029.

SB2320 amends the Property Tax Code to continue assessing wooded acreage classified as farmland in 2006 until December 31, 2029.

SB2320 amends the Property Tax Code to continue assessing wooded acreage that was classified as farmland during the 2006 assessment year. The assessment will be based on the current fair cash value of the property multiplied by a transition percentage. The transition percentage is determined by dividing the property's 2006 equalized assessed value as farmland by its 2006 fair cash value. This preferential assessment treatment will continue until December 31, 2029.