This bill amends the Code of West Virginia to allow for reduced property valuation for certain farmland, specifically targeting corporate owners of farm property. 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 corporation must also primarily engage in farming.

The bill introduces a provision that allows corporations not primarily engaged in farming to have their farm property appraised for reduced valuation if they produce at least $20,000 worth of agricultural products annually. This appraisal will be conducted in accordance with existing guidelines for fair and reasonable valuation for farming purposes. All parcels of farm property owned by the corporation will be evaluated collectively to determine eligibility based on the agricultural product threshold.

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