Agricultural and
horticultural property, how assessed.
137.017. 1. For general property assessment purposes, the true value in
money of land which is in use as agricultural and horticultural property, as
defined in section 137.016, shall be that value which such land has for
agricultural or horticultural use. The true value of buildings or other
structures customarily associated with farming, agricultural, and horticultural
uses, excluding residential dwellings and related land, shall be added to the
use value of the agricultural and horticultural land to determine the value of
the agricultural and horticultural property under sections 137.017 to 137.021.
2. After it has been established that the land is actually agricultural and
horticultural property, as defined in section 137.016, and is being valued and
assessed accordingly, the land shall remain in this category as long as the
owner of the land complies with the provisions of sections 137.017 to 137.021.
3. Continuance of valuation and assessment for general property taxation
under the provisions of sections 137.017 to 137.021 shall depend upon
continuance of the land being used as agricultural and horticultural property,
as defined in section 137.016, and compliance with the other requirements of
sections 137.017 to 137.021 and not upon continuance in the same owner of title
to the land.
4. For general property assessment purposes, the true value in money of
vacant and unused land which is classified as agricultural and horticultural
property under subsection 3 of section 137.016 shall be its fair market value.
Grading
of land for valuation, agricultural and horticultural land, factors to be
considered--split-off, effect of.
137.021. 1. The assessor, in grading land which is devoted primarily to the
raising and harvesting of crops, to the feeding, breeding and management of
livestock, to dairying, or to any combination thereof, as defined in section
137.016, pursuant to the provisions of sections 137.017 to 137.021, shall in
addition to the assessor's personal knowledge, judgment and experience,
consider soil surveys, decreases in land valuation due to natural disasters,
level of flood protection, governmental regulations limiting the use of such
land, the estate held in such land, and other relevant information. On or
before December thirty-first of each odd-numbered year, the state tax
commission shall promulgate by regulation and publish a value based on
productive capability for each of the several grades of agricultural and
horticultural land. If such rules are not disapproved by the general assembly
in the manner set out below, they shall take effect on January first of the
next odd-numbered year. Such values shall be based upon soil surveys, soil
productivity indexes, production costs, crop yields, appropriate capitalization
rates and any other pertinent factors, all of which may be provided by the
college of agriculture of the
2. When land that is agricultural and horticultural property, as defined in
section 137.016, and is being valued and assessed for general property tax
purposes pursuant to the provisions of sections 137.017 to 137.021 becomes
property other than agricultural and horticultural property, as defined in
section 137.016, it shall be reassessed as of the following January first.
3. Separation or split-off of a part of the land which is being valued and
assessed for general property tax purposes pursuant to the provisions of
sections 137.017 to 137.021, either by conveyance or other action of the owner
of the land, so that such land is no longer agricultural and horticultural
property, as defined in section 137.016, shall subject the land so separated to
reassessment as of the following January first. This shall not impair the right
of the remaining land to continuance of valuation and assessment for general
property tax purposes pursuant to the provisions of sections 137.017 to 137.021.