Wisconsin's agricultural use value assessment allows qualifying farmland to be:
Correct Answer
B) Assessed based on its income-producing agricultural use value rather than its full market value for development
Wisconsin's use-value assessment program (Wis. Stat. §70.32(2)(c)) assesses qualifying agricultural land based on its agricultural income potential rather than its higher market value for potential development, significantly reducing property taxes for working farms.
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Related Concepts
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
Community property is a system where property acquired during a marriage is owned equally by both spouses.
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