SB 618
Allowing reduced property valuation for certain farmland
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to allow certain farmland owned by corporations to receive a reduced property tax appraisal in West Virginia. Specifically, corporations with at least $20,000 in agricultural product sales on their farmland can qualify for this reduction, even if they don't meet the typical 50% farming activity threshold. The Tax Commissioner will be responsible for creating rules to implement this provision. The goal is to provide a tax benefit for agricultural operations.
Key provisions
- Corporations with $20,000+ in agricultural product sales on farmland can qualify.
- The reduction applies to all qualified farmland owned by the corporation.
- The reduction is intended to apply regardless of the property’s potential value for non-farming uses.
- The Tax Commissioner will establish rules for implementing the reduction.
- Farm property is defined as property used for farming purposes.
Who is affected
- Corporations owning farmland
- Taxpayers in West Virginia
- Agricultural businesses
- The West Virginia Tax Commissioner
Notable changes
- Creates a specific exception to the 50% farming activity threshold for corporations.
- Establishes a sales threshold ($20,000) for corporate farmland eligibility.
- Requires the Tax Commissioner to develop implementing rules.
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