AN ACT relating to property valuation.

Amend KRS 132.010, relating to state and local property taxation, to amend the definitions of "agricultural land" and "horticultural land" to include a parcel in agricultural or horticultural land that has been converted to a residential use as part of a planned development containing 10 or more parcels until a certificate of occupancy is issued for the parcel; state that agricultural value is calculated based on the agricultural value prior to the conversion to residential…

Taxation Taxation, Property Agriculture Housing, Building, and Construction Land Use Property Property Valuation Administrators

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This bill would have changed how property is taxed when farmland or horticultural land is being converted into a residential development of 10 or more lots. Under the proposal, those parcels would continue to be taxed at their agricultural value until a certificate of occupancy is issued, rather than being reassessed at higher residential rates during the development process. It also set out a specific procedure and timeline for how that tax status would transition…

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