Missouri's agricultural land may be assessed at use value if:
Correct Answer
B) The land is actively used for agricultural or horticultural purposes and meets state criteria, allowing assessment at 12% of its productive agricultural value rather than full market value
Under RSMo 137.021, qualifying agricultural and horticultural land in Missouri is assessed at 12% of its productive (agricultural use) value rather than its full market or development value. This means the assessed value is based on the land's capacity to produce agricultural income, not its potential value if sold for development, providing significant property tax relief for working farms and horticultural operations that meet the statutory criteria.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.
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