Agenda - 06-02-1998 - 10a - Laserfiche WebLink

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Statutory Authority to Tax Tobacco Allotments 105 -317. Appraisal of real property; adoption of schedules, standards, and rules. (a) Whenever any real property is appraised it shall be the duty of the persons making appraisals: In deterrnioin" the true value of land, to consider as to each tract, parcel, or lot separately fisted at least its advantages and (IisadVantagCS as to location; Toning: quality of soil: waterpoWer: water privileges: dedication as a nature preserve; conservation or preservation agreements: mineral. dually, or other valuable de posits: fertility: adaptability for .agricultural. timber - producing. commercial, industrial or other uses: past income: probable Future income: and any other factors that may affect its value except growing crops of a seasonal or annual nature. 105 -289. Duties of Department of Revenue. (a) It shall be the duty ortlre Department of Revenue: (1) To discharge the duties prescribed by law and to enforce the provisions of this Subchapter. (2) To exercise general and specific supervision over the valuation and taxation of property by taxing units throughout the State. (3) To appraise the property of public service companies. (4) To keep full and accurate records of the Commission's official proceedings. (5) To prepare and distribute annually to each assessor a manual that establishes five expected net income per acre ranges for agricultural land, horticultural land, and forestland, and establishes a method for appraising nonproductive land as a percentage of the lowest use -value established for productive land. The high and low net income amount in each range may differ by no more than fifteen dollars ($15.00). Tile basis for establishing each range shall be soil productivity. i or agricultr.n'aI land, the expected net income per acre ranges shall be haled on the acinal yields and prices of corn and soybeans over a period of at least the five previous years, and the actual fixed and variable costs, including an imputed nianagenrent cost, incurred in growing, corn and soybeans over the same period oftime. The manual shall contain recommended adjustments to the: net income per acre ranges fbr the crowing of crops subject to aa'ease or poundage allotments. Expected net income per acre ranges shall be similarly established for horticultural land and forestland, using typical horticultural or forest products in various growing regions of the State instead of corn and soybeans.