S.F. 2258 Section 1. NEW SECTION . 441.21A Agricultural property —— 1 presumption. 2 1. For property assessment and taxation purposes, if a 3 taxpayer files all of the following with the assessor on or 4 before April 15 of each assessment year, a presumption is 5 created that the property described in the affidavit under 6 paragraph “b” is agricultural property: 7 a. A copy of the taxpayer’s schedule F or federal internal 8 revenue service form 4835 that was filed by the taxpayer for 9 the previous income tax year. 10 b. An affidavit signed by the taxpayer that includes a 11 legal description of all tracts of land and the improvements 12 and structures located on them which are in good faith used 13 primarily for agricultural purposes, except buildings which are 14 primarily used or intended for human habitation. 15 2. This section applies to valuations established on or 16 after January 1, 2011. 17 EXPLANATION 18 This bill creates a presumption that certain property is 19 agricultural property for property assessment and taxation 20 purposes. Such a presumption is established if the taxpayer 21 files with the assessor on or before April 15 of each 22 assessment year a copy of the taxpayer’s schedule F (“Profit 23 or Loss From Farming”) or federal internal revenue service 24 form 4835 (“Farm Rental Income and Expenses”) that was filed by 25 the taxpayer for the previous income tax year and an affidavit 26 signed by the taxpayer that includes a legal description of all 27 tracts of land and the improvements and structures located on 28 them owned by the taxpayer and used primarily for agricultural 29 purposes. 30 The bill applies to valuations established on or after 31 January 1, 2011. 32 -1- LSB 5861XS (5) 83 md/sc 1/ 1