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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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EXECUTIVE SUMMARY * The special-use valuation election allows qualifying real property to be valued according to its actual use, rather than its highest or best use, subject to restrictions.
The intricacies of special-use valuation by Gaumnitz, Bruce R. / The Tax Adviser
Beryl elected the special-use valuation (IRC section 2032A), which more than halved the farm's value for estate tax purposes.
Lease of farm kills special-use valuation for estate tax by Journal of Accountancy
 
 
 
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