Ag-exempt means that you'll only pay the amount of tax on what the property should produce, and not on it's market value. It's a HUGE difference in taxes! I have 61 acres that is probably worth $10,000 an acre in market value, but I only pay taxes based on the fact that it "should" produce $10,000 per year in cattle or crops. It is a HUGE tax shelter. To keep Ag-exempt status it must continuously be used for ag use, i.e. cattle, or crops, or hay production. I have a dozen cows, and cut hay on my 61 acres.
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Today's Featured Article - Museum Coverage: The Stuttgart Agricultural Museum - by Cindy Ladage. While cold wind was blowing back in Illinois, in Arkansas, daffodils were in bloom, and the Magnolia trees were adorned with fragrant blossoms. Stuttgart, Arkansas was the site of this year's winter Minneapolis Moline Collector's show February 25-27, 1999. The show was held at the Oliver Museum created by Don Oliver, the pioneer of the four wheel drive tractor. Oliver along with Gale Stroh and Kenneth Bull using Minneapolis Moline tractors and parts created what has become known as
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