Greene County Property Tax Exemptions

Preferential treatment: The value of eligible land is calculated by its productivity. The local assessor must take into account the recommendations of value made by the State Lands Evaluation Advisory Council (SLEAC). At local option, a taxing entity may incorporate a sliding scale ordinance, which allows property owners enrolled in Land Use Assessment to defer additional taxes. The deferral of additional taxes requires a recorded commitment to keep the property in the qualifying use for a term of years according to the following scale: (1) for a commitment of 10-20 years, 99% of the use value taxes otherwise assessed may be deferred for the term of the commitment or (2) for a commitment of 5-10 years, 50% may be deferred.. Penalty: In localities which have not adopted a sliding scale ordinance, the roll-back tax is equal to the sum of the deferred tax for each of the 5 most recent complete tax years plus simple interest on such roll-back taxes at a rate set by the governing body, no greater than the rate applicable to delinquent taxes in such locality. The deferred tax for each year is equal to the difference between the tax levied and the tax that would have been levied based on the fair market value assessment of the real estate for that year. In addition, the taxes for the current year are extended on the basis of fair market value determined by means of a supplemental assessment based on the difference between the use value and the fair market value. In localities which have adopted a sliding scale ordinance, the roll-back tax is the deferred tax from the effective date of the written agreement plus simple interest at a rate set by the governing body, which cannot be greater than the rate applicable to delinquent taxes in such locality for each of the tax years. The deferred tax for each year is the difference between the tax levied and the tax that would have been levied based on the fair market value assessment, relative to the highest tax rate applicable to the real estate had it not been subject to special assessment. Taxes for the current year are extended on the basis of fair market value which may be accomplished by means of a supplemental assessment based on the difference between the use value and the fair market value, relative to the highest tax rate applicable to the real estate for that year.. Sources imported from Lincoln Institute agricultural treatment dataset.