Property tax credit for agricultural property owned by farming or ranching operations.
This bill creates a property tax credit for agricultural property owned by individuals or entities operating farming or ranching operations. Owners can claim a credit of up to $1,550 per qualifying farmland or ranchland parcel. The credit is applied to the property tax due and is valid for the entire taxable year. The county auditor applies the credit to the property tax statement, and the tax commissioner reviews and certifies the credit for payment by the state treasurer.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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