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 individuals are 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. However, the bill introduces a provision that allows corporations not primarily engaged in farming to have their farm property appraised for reduced value if they produce at least $20,000 worth of agricultural products annually.

The new legal language specifies that all parcels of farm property owned by the corporation, whether contiguous or not, will be evaluated together to determine if they meet the $20,000 production threshold. This change aims to provide a more favorable appraisal process for certain corporate entities that contribute to agricultural production, thereby potentially lowering their property tax burden.

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