TAXATION OF CERTAIN AGRICULTURAL LAND

HB 294 allows landowners with conservation easements to have their property valued at agricultural rates for property tax purposes, rather than full market value. It specifically includes land under conservation agreements with federal/state agencies or accredited land trusts as qualifying for agricultural valuation. The bill defines "agricultural use" to cover conservation easements and sets rules for valuing land based on its productive capacity (e.g., grazing land using animal unit standards). This primarily affects New Mexico ranchers and farmers holding such easements, potentially lowering their property tax burden.