Allows reduced property valuation for certain farmland owned by corporations not primarily engaged in farming.

West Virginia SB45 allows the Tax Commissioner to appraise farm property owned by corporations not primarily engaged in farming, provided the property produces at least $20,000 of agricultural products annually. The appraisal considers the fair and reasonable income the property might earn if rented. This reduced valuation applies to corporations not engaged in forestry or timber growing, and those with controlling interests must also be primarily engaged in farming.

Allows reduced property valuation for certain farmland owned by corporations not primarily engaged in farming.

West Virginia SB45 allows the Tax Commissioner to appraise farm property owned by corporations not primarily engaged in farming, provided the property produces at least $20,000 of agricultural products annually. The appraisal considers the fair and reasonable income the property might earn if rented. This reduced valuation applies to corporations not engaged in forestry or timber growing, and those with controlling interests must also be primarily engaged in farming.