SB 45
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 aims to allow corporations that own farmland and produce at least $20,000 worth of agricultural products annually, even if farming isn’t their primary business, to have their property appraised at a lower value for property tax purposes. The bill clarifies that farm property should be valued based on its potential income for farming, not its potential value for other uses. It also defines what constitutes ‘farming’ for appraisal purposes, excluding forestry and timber growing. This change would potentially reduce property tax obligations for certain agricultural landowners.
Key provisions
- Allows corporations to have farm property appraised based on farming income.
- Establishes a minimum annual agricultural product sales threshold ($20,000) for corporate eligibility.
- Defines ‘farming’ for appraisal purposes, excluding forestry and timber.
- Requires the Tax Commissioner to consider the fair and reasonable income for farming purposes.
- Considers all parcels of farm property owned by the corporation together for appraisal.
Who is affected
- Corporations owning farmland
- Agricultural landowners
- Taxpayers
- The West Virginia Tax Commissioner
- The agricultural industry
Notable changes
- Introduces a specific provision for corporate farm property appraisal.
- Adds a financial threshold ($20,000) for corporate eligibility.
- Clarifies the definition of ‘farming’ for appraisal purposes.
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