How is agricultural and vacant land valued and assessed?
Agricultural land is valued by the productivity, use of the land, and soil type. Grazing land, dry farmland, pastureland, and irrigated farmland are all valued by their productivity and averaged over a 10 year period according to each counties base crop. The final value on agricultural land is not market value and is lower to promote the agricultural industry. Non agricultural land is valued at market value and may be discounted if it is vacant to account for developer holding costs and time to market. Both are assessed at 29% of actual value.
