James owns a farm in rural Tennessee that qualifies for the Greenbelt Law. Under Tennessee's Greenbelt Law, how is agricultural land assessed for property tax purposes?
Correct Answer
D) At 25% of its current use value as agricultural land
Tennessee's Agricultural, Forest, and Open Space Land Act (commonly called the Greenbelt Law), Tenn. Code Ann. § 67-5-1001 et seq., allows qualifying agricultural, forest, and open space land to be assessed based on its current use value rather than its highest and best use (market) value. The applicable assessment ratio for agricultural land under this program is 25% of current use value, providing significant tax relief to qualifying landowners.
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