Amends TCA Title 67, Chapter 5.

ON APRIL 23, 2024, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 2054, AS AMENDED.<br /> <br /> AMENDMENT #1 rewrites the bill to, instead, revise the Agricultural, Forest and Open Space Land Act for tax years beginning on or after January 1, 2025, as described below.<br /> <br /> POLICY OF THE STATE<br /> <br /> Present law provides that the general assembly declares that it is the policy for the state that a person must not place more than 1,500 acres of land within any one taxing jurisdiction under the Agricultural, Forest and Open Space Land Act. This amendment increases the acres of land from "1,500" to "3,000".<br /> <br /> PRESENT USE VALUATION<br /> <br /> Present law provides that when a parcel of land has been classified by the assessor of property as agricultural, forest, or open space land under the Agricultural, Forest and Open Space Land Act, it must be subsequently considered that its current use for agricultural or timber purposes or as open space used for neither of these purposes is its immediate most suitable economic use, and assessment must be based upon its value in that current use, rather than on value for some other use as may be determined in accordance with law relative to sales and use taxes. For purposes of valuation, the maximum acreage available for any one owner classified as forest or open space land must be 1,500 acres. This provision operates to change the classification of any such land in excess of 1,500 acres that has been so classified prior to July 1, 1984. This amendment increases the acres of land from "1,500" to "3,000" in the prior two provisions.<br />