With prices of goods high, we’re all trying to save money where we can. You might be able to get a discount on your taxes by qualifying for an exemption with the Greenbelt Law. This law in Florida is designed to help agribusinesses in the state. In 2020, Florida had 47,400 commercial farms. This blog from Dark Hammock Legacy Ranch will help you determine if your farm qualifies for exemption under the Greenbelt Law. For more information on the business behind ranching, check out our blog.
How is Property Value Determined?
The first step to qualifying for a tax exemption on your agricultural property is having it appraised. Through the Greenbelt Law, if your property is classified as agricultural lands, it can save you money on taxes by lowering that appraised value, serving as a discount to agribusiness owners in the state of Florida. Property appraisers take many factors into account when examining a property for appraisal, including the location and size, present cash value and the highest value that property could achieve, the price the buyer paid for the property, etc.
How Do I Qualify for Exemption Under the Greenbelt Law?
Once your property is appraised as agricultural lands, the appraiser will use some other factors to determine the value of the agribusiness in relation to the property. This includes the income of the agribusiness, the property’s condition and market value as agricultural land, the productivity of the land, and the commercial viability of the agricultural product. Interested in learning more about our product? Visit our website to learn more about our grass-fed beef.
How Do I Apply for Exemption?
Once you’ve determined that you are a good qualifying candidate under the Greenbelt Law, you’ll have to complete a series of steps and applications in order to get assessed. Your county appraiser may reach out to you for additional information or forms.
While paperwork may seem less important than your crops and livestock, it can help save you a lot of money in the long run. Take the time to take care of your farm today. Interested in visiting an active ranch? Learn more about Dark Hammock’s agritours here.