House Bill 26-033

This bill establishes a dedicated property tax classification for agricultural land and ensures that such property is assessed based on its productive agricultural value rather than speculative market value. By setting a reduced assessment rate and creating clear eligibility standards—including minimum acreage, active use requirements, and income thresholds—the bill is designed to protect working farms and ranches from rising tax burdens while preventing misuse of agricultural classification for non-agricultural purposes.

In addition, the Act creates a homestead-style exemption for primary residences located on qualifying agricultural property, allowing producers to exclude a portion of their home’s value or receive a percentage-based reduction in taxable value. Together, these provisions provide meaningful tax relief to agricultural families, support long-term land stewardship, and discourage the premature conversion of agricultural land to development, while maintaining safeguards such as application requirements and recapture provisions to ensure fiscal responsibility.