COM 0118.028 2002-2004 - Laserfiche WebLink

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~)'Z 1 "Od SUMMARY OF CHANGES Bill d9 (2004), CDI, FD2 versus CD1, FDl ~3 I . Returns the assessment method from crop production value to fair market value in seejun 8-7.1. 2. Amends section 8-7.1 to add a category for "vacant agricultural" lands and a definitiod- for "vacant agricultural" lands. 3. Replaces the assessment of agricultural lands in section 8-7.3 to one based on dedicatron for 1, 5, and 10 years and provides that lands substantially and continuously used for raising and producing agricultural products be assessed at 5, 3, and 1 percent of fair market value, respectively. 4. Adds a definition of "unusable land" as land determined to be unsuitable for dedicated agricultural use. 5. Provides that if the assessed valuation of dedicated agricultural land at 5, 3, and 1 percent exceeds the production value per acre for certain crops as determined by the director annually, the assessed value at 3 percent shall be adjusted as to not to exceed the production value per acre for such crops, while the assessed values at 5 and 1 percent are also adjusted proportionally. 6. Provides that lands dedicated for pasture use for a period of 1, 5, and 10 years be assessed a[ 1 percent of market value. 7. Permits the dedication of vacant agricultural land for 10 years to be assessed at 50 percent of fair market value. 8. Provides that the petition filed for dedication must have the owner's authorization, a declaration that during the dedication period, the land shall be used for the specific agricultural use or maintained as vacant agricultural land, and requires the submittal of an agricultural plan. 9. Provides that lands dedicated as vacant agricultural land may have the land changed to a specific agricultural use without a rollback tax or penalty. 10. Retains the provision for director review and approval of the petition but removes the allocation of land to specified categories of crop. 1 I . Provides that the approval of the petition constitutes a forfeiture by the owner of the right to change the use for the duration of the dedication period, and provides that if the dedicated land undergoes a change in classiftcation not initiated by the owner, the dedication continues unless the owner files a written notice of cancellation with the director within 60 days of the change. ' • Zg Comm. No. Ref. To: L Ref. Uate