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2008 SESSION

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SB 477 Development rights programs; State grants shall be distributed to local purchase thereof.

Introduced by: Emmett W. Hanger, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Matching grants to local purchase of development rights programs.  Provides that, in general, local purchase of development rights programs would be required to make a $1 match for each $1 in grants awarded by the Office of Farmland Preservation.

SUMMARY AS INTRODUCED:

Matching grants to local purchase of development rights programs.  Provides that in general, local purchase of development rights programs would be required to make a $1 match for each $1 in grants awarded by the Office of Farmland Preservation.

However, if, as of July 1 in the fiscal year, the total “value” of all land in a county or city upon which the real estate tax is imposed does not exceed 70 percent of the total fair market value of all land in the county or city, then for that fiscal year the local purchase of development rights program for the county or city would be required to match each $1 awarded with a match of $0.50. “Value” is defined as the fair market value of land unless the land has been valued under special use value assessment, in which case “value” would mean the use value assessment.