property tax; agricultural real property
What changed between versions
Added the phrase 'as agricultural purposes real property' to multiple sections to clarify that the tax classification specifically applies to the land and improvements, not just the general activity.
Added two new categories to the residential property classification (Class Four) for nonprofit facilities housing persons with disabilities and licensed residential care institutions for seniors or persons with disabilities.
Updated the agricultural lease statement requirements to explicitly include 'lessor expenses' (excluding land cost and interest) as information that must be reported to the assessor.
Established a specific penalty of 25% of additional taxes for owners who intentionally provide false information on agricultural applications or fail to notify the assessor of a change in land use.
Clarified that the interest rate used to capitalize rental income for agricultural land valuation must be 1.5 percentage points higher than the average long-term farm credit interest rate.
Removed redundant or conflicting text regarding the classification of personal property versus real property in the introductory sections of the bill.
