Sandra owns a small farm in rural Riley County, Kansas. The county appraiser classifies 80 acres of her land as agricultural use. Under Kansas's classified property tax system, at what assessment ratio will Sandra's agricultural land be assessed?
Correct Answer
D) The use-value determined by the Kansas Director of Property Valuation
Under K.S.A. 79-1476, agricultural land in Kansas is not assessed based on a percentage of market value like other property classes. Instead, it is assessed based on its agricultural use value, which is determined annually by the Kansas Director of Property Valuation using an income-capitalization approach tied to crop productivity and land rental data. This use-value assessment system is unique to agricultural land and is designed to prevent forced sales of farmland due to escalating market values.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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