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special-use valuation

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special-use valuation

For purposes of ad valorem (real estate) taxes,and for estate taxes,property may sometimes be valued at its current use rather than the highest and best use.This is called special-use valuation, as opposed to fair market value. Most often, this special consideration is granted for agricultural land, so that farmers and their families are not forced to sell their land because they are unable to pay the taxes that might be imposed if the property were valued as a potential subdivision development,industrial park,or shopping center,as examples.



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