SD task force meets on farm property tax formula

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PIERRE, S.D. (AP) — A South Dakota task force overseeing a change in the way agricultural land is valued for property tax purposes is holding its first meeting of the year.

At a meeting Friday, the task force will here reports on assessments of farm and ranch land.

It also will take public testimony Friday afternoon.

The task force was set up to help manage a new system for determining the value of agricultural land for property tax purposes.

Crop and pasture land used to be valued based on the selling price of comparable land, but that system was scrapped because there weren't enough agricultural sales to set a valid market value. Taxes now are based on the land's ability to produce income.

Copyright 2011 The Associated Press.

 



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