This bill mandates that all municipalities, cities, and towns assess qualifying farm structures at no more than their replacement costs, minus depreciation, and the land beneath these structures at a maximum of 10 percent of its market value. The bill amends existing law to change the language from "encourage" to "require" the preservation of productive farms and their associated structures, emphasizing their importance for the local economy, food supply, and recreational environment. It also establishes a deadline of April 1, 2027, for local adoption of these provisions.

Additionally, the bill outlines specific definitions for "qualifying farm structures" and sets forth conditions under which taxes will not be assessed, such as when land is taken by eminent domain or when a road is constructed for access to an adjoining lot. It includes provisions for tax penalties in the event of property conversion within five years of receiving a reduced assessment and requires property owners to notify local tax assessors of any changes that would disqualify them from the tax benefits. Unpaid taxes will accrue interest and may result in a lien on the property, with enforcement procedures established for collection.

Statutes affected:
Introduced: 79-F:1, 79-F:4
HB1647 text: 79-F:1, 79-F:4