Farmland assessment.

HB 1192 amends how agricultural land is taxed by changing two specific calculations: the six-year average used to determine property values and the capitalization rate applied to farmland assessments. This directly affects farmers and landowners who qualify for agricultural tax rates under the current system. The bill modifies the statewide formula for calculating property taxes on farmland, adjusting how the average value and tax rate are applied. These changes aim to update the assessment methodology without altering the eligibility rules for agricultural land classification.