Tracts of land five (5) acres or more and that are primarily utilized for the sale, use, or consumption of agricultural products may qualify for farm use valuation. This includes land used for livestock grazing, poultry, fruit, vegetables, grains, or hay production. The farm use valuation method provides a discount to the landowner for the land value only, and does not include the value of buildings or structures on the land.
In order to qualify, tracts of five (5) acres or more must produce for sale, use, or consumption agricultural products having a fair market value to the producer of at least $1,000 annually. Tracts of land less than five (5) acres must produce $500.00 in agricultural products annually.
Applications for farm use valuation must be submitted to our office between June 30th and September 1st in order to qualify for the next tax year.
For more information or to apply for farm use valuation status, please contact our office at (304) 574-4340.