Q:    How is farmland assessed

A:    A parcel of land used for agricultural purposes for two years is eligible for a preferential assessment. Farmland is assessed based on is agricultural economic value rather than being based on 33 1/3 percent of its market value as is other property. The agricultural economic value is a calculation of an average of prices paid for agricultural products, production costs, and interest rates that are charged by the Federal Land Bank over a five-year period.

County assessing officials evaluate all farmland in the county based upon its productivity, taking into account the land’s actual use, slope, erosion, flooding, and other factors which affect productivity.

Farm buildings are assessed at 33 1/3 percent of their contributory value of the farm. Farm home sites and residences are assessed at 33 1/3 percent of their market value.
 
 

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