The Farmland Tax Law was adopted to encourage the preservation and protection of farmland from competing, higher-valued uses. The farmland program provides for the valuation of farmland based on its current use as farmland, rather than based on its fair market value for other potential uses. To qualify, a landowner must:
Have at least five(5) contiguous acres.
Use the land primarily for farming activities.
Produce a gross income of at least $2,000 in one of the two or three of the five last calendar years preceding the date of application.
Once qualified, file an income report by April 1 of each fifth year stating the income of the previous five years.
April 1 of the first year in which classification is requested.