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S <br /> r <br /> ADVANTAGES: <br /> . allows farm operations to be taxed at less than use value assessment <br /> ' and be affor ed some tax relief <br /> . provides for a conservation agreement restricting non-farm development <br /> for a specified period of time in exchange for the additional tax relief <br /> . voluntary application means high acceptability and low cost to non- <br /> participants <br /> . acceptable trade off for "open space" and "maintaining the rural character" <br /> of Orange County <br /> . deferred taxes may be translated into lower agricultural product cost at <br /> the local lei el <br /> • voluntary p �' <br /> a' tici p ation and reasonable penalties for early withdrawal �� <br /> emphasizes the farmer's "right to farm" as well as the "right not to farm <br /> DISADVANTAGES: <br /> administrative complications in creating new classifications and eligibility <br /> . procedures f' r less than use value taxation <br /> . limited pens ties for early withdrawal from conservation agreement <br /> . does not prevent speculative "holding" of farm tracts for future non-farm <br /> development <br /> . minimal reli f from taxation <br /> . provision do s not address direct problems of non-farm development pressures <br /> . discriminator y benefit for the agricultural sector <br /> . lost tax revenue is likely to be retrieved through higher taxation of non- <br /> farm proper ies <br /> . possible im act on borrowing capacity due to reduced property value <br /> 2. Waiver of assessment for water and sewer extensions so long as no use is <br /> made of they extension by the bona fide farm tract owner . <br /> ADVANTAGES: <br /> ` • limits financial responsibility of non-beneficiary farmers in public utilities <br /> extension until conversion of property to non-farm use <br /> • may act as disincentive to non-farm development in farm. areas <br /> DISADVANTAGES: <br /> . exempts lar a tracts of land from assessment <br />