This bill amends the Code of West Virginia to allow for a reduction in property tax for certain farmland. It specifies that the Tax Commissioner must appraise farm property based on its fair and reasonable value for farming purposes, taking into account potential income from renting the property. The bill clarifies that individuals primarily engaged in forestry or timber growing are not considered to be farming, and it establishes that corporations must primarily engage in farming to qualify for tax reductions.

Additionally, the bill introduces provisions for corporations that do not meet the 50% threshold for tax appraisal reductions but have at least $20,000 in sales of agricultural products. These corporations will be eligible for property tax reductions on qualified farmland. The Tax Commissioner is tasked with creating rules to ensure that eligible persons and corporations can access these benefits.

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