Land Use & Zoning
Missouri's Farmland Assessment Act ensures that:
AFarmland is taxed at commercial rates
BAgricultural land is assessed based on its productivity value rather than development potential✓ Correct
CAll farmland must remain in agriculture
DMREC must approve farm sales
Explanation
Missouri's agricultural assessment provisions ensure farmland is valued for tax purposes based on its use value (productivity) rather than its potential development value. This keeps farming economically viable by reducing property tax burdens.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
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