Agricultural land in Kentucky may receive a special 'use value' assessment if enrolled in:
Correct Answer
B) Kentucky's agricultural district or farmland assessment program
Kentucky allows qualifying agricultural, horticultural, and forest land to be assessed based on agricultural use value rather than fair market value, significantly reducing property taxes for working farms.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
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