Fiscal Note

SB0097S01 - Farmland Assessment Act Amendments

State Impact:
Enactment of this bill will not require additional appropriations.

Individual, Business and/or Local Impact:
Certain individuals and businesses converting land qualifying for "Greenbelt" exemption status will not be subject to market value assessment or rollback taxes when land is converted to a temporary use that is subject to an ongoing forest stewardship plan. Those not receiving the "Greenbelt" exemption may have otherwise received an aggregate property tax decrease and will not receive such a decrease as a result of this bill. Local governments will forgo rollback tax revenue that they may otherwise have collected.