Specialized and Preferential Assessment Programs

Three general types of specialized or Preferential Assessment Programs are available for owners of certain types of property. One of these programs authorizes assessment at 30% rather than 40% of fair market value for certain agricultural properties being used for bona fide agricultural purposes.

The second type of preferential programs is the Conservation Use Program which provides that certain agricultural property, timber land property, environmentally sensitive property, or residential transitional property is to be valued and assessed for ad valorem tax purposes at its current use value rather than its fair market value. Conservation Use Assessment. If the covenant is breached, a penalty of twice the amount saved from the exemption of the covenant until the breach, will be inforced. Each of these specialized or preferential programs requires the property owners to covenant with the Board of Tax Assessors to maintain the property in its qualified use for at least 10 years in order to qualify for the preference. The Board of Tax Assessors can explain the ownership and use restrictions regarding property qualifying for either of these programs