2017 SB 350 Agricultural Land Valuations

CVNM Position:

Support

Year:

2017

Sponsors:

Steven P. Neville
Peter Wirth

Topics:

Land

Legislative Info:

SB 350 on nmlegis.gov »

Description

This bill would have allowed land owners to take land valued as agricultural land out of agricultural production and leave it as open space. The open space land then would be valued at more than the agricultural value, but not valued at the much higher developed land rate, and would not be subject to the five year tax claw back. This would have allowed land owners to preserve the land for future agricultural use should they or their successors wish to return it to production, rather than being economically forced to sell off or develop the land, thus contributing to rural sprawl.

Outcome

SB 350 died in the House Taxation and Revenue Committee.