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F. USE VALUE ASSESSMENT <br /> The 1973 General Assembly passed a property tax measure that <br /> provides for the taxation of farm, horticultural and forest <br /> land in accordance to its "use value" rather than its market <br /> or "true value". <br /> The technical objective of this act is to require land used <br /> for agriculture, horticultural, or forestry purposes to be <br /> appraised for taxation on the basis of its value for that <br /> use even though it may have a greater market or "true <br /> value". This is accomplished through definition of three <br /> classes capable of qualifying for this preferential <br /> assessment, if a strict set of ownership requirements are <br /> also met. <br /> The definitions of the classes along with ownership <br /> requirements are defined within the act. <br /> Land within a defined class will not automatically receive <br /> preferential treatment. The owner must request that it be <br /> taxed on the basis of "present use value", during the period <br /> prescribed by law. It is the duty of the tax supervisor to <br /> pass or reject each application, subject to the applicant's <br /> right to appeal his decision. <br /> Land found qualified for one of the three classes will, upon <br /> the owner's application, be appraised according to its <br /> present use. The true value appraisal will also be <br /> maintained by the tax supervisor in the event that for some <br /> reason the property would not qualify for preferential <br /> treatment in future years. <br /> The law requires the tax supervisor to prepare a schedule of <br /> land values, standards and rules for use in making "present <br /> use value" appraisals. These schedules will reflect the <br /> present use values as of January 1, 2009. The market value <br /> revaluation in Orange County is effective as of January 1, <br /> 2009. The land use schedules must be reviewed and approved <br /> by the Board of County Commissioners. A notice must be <br /> published in the newspaper to the effect that the schedules <br /> are open to public inspection at the tax supervisors office <br /> for a period before they may be used for appraisal purposes. <br /> See Appendix "D" for complete Land Use Value Schedules. <br />