This bill amends the Code of West Virginia to allow for reduced property valuation for certain farmland, specifically targeting corporate owners. It clarifies that a person is not considered engaged in farming if they are primarily involved in forestry or timber production. Additionally, it stipulates that a corporation is only recognized as engaged in farming if its principal activity is farming, and if it is controlled by another corporation, that entity must also primarily engage in farming.

The bill introduces a new provision allowing corporations that do not primarily engage in farming to still have their farm property appraised for agricultural purposes, provided that the property generates at least $20,000 in agricultural products annually. This appraisal will be conducted in accordance with existing guidelines for farm property valuation. All parcels owned by the corporation will be evaluated collectively to determine if they meet the $20,000 threshold for agricultural production.

Statutes affected:
Introduced Version: 11-1A-10
Committee Substitute: 11-1A-10