Agricultural products

From the 2024 DOR Tax Exemption Study

84.36.470 - Agricultural products Description All agricultural products grown, or produced for sale by a person on lands owned by the person or on lands in which the person has a present right of possession are exempt from property tax. Cannabis is not an agricultural product. Purpose To assist the agricultural economy. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $17.384 $17.012 $16.099 $15.486 Local Taxes $51.426 $51.853 $50.611 $50.196 Repeal of Repealing a property tax exemption would not increase state revenues. A repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. It may decrease the local rate and possibly result in local taxing districts at their statutory maximum rate experiencing a revenue increase. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $1.458 $2.752 $2.713 Assumptions - Total estimated exempt value is $8.0 billion. - This repeal takes effect beginning with property taxes due for calendar year 2025. - The value of agricultural products will remain stable;