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SB 364 - This act prohibits the State Tax Commission from promulgating a rule that increases agricultural land productive values more than two percent over the current values in effect prior to the rule promulgation or eight percent above the lowest value in effect in any of the ten years prior to the rule promulgation. The Commission is also prohibited from increasing the values for land in any county that has been declared by the United States Department of Agriculture to be affected by a natural disaster in the preceding two years. This act also prohibits the Commission from increasing agricultural land productive values if there has been a substantial decrease in the price for agricultural products in the previous two years. The determination of a substantial decrease will be made by a concurrence of the Director of the Department of Agriculture, the Chairman of the House Committee on Agriculture Policy, and the Chairman of the Senate Committee on Agriculture, Food Production, and Outdoor Resources. This act is substantially similar to SS/SB 543 (2014) and HB 2178 (2014), and to a provision contained in HCS/HB 1640 (2014). JOSHUA NORBERG
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