Conservation futures on agricultural land

From the 2024 DOR Tax Exemption Study

84.36.500 - Conservation futures on agricultural land Description Property tax does not apply to conservation futures of unlimited duration on farm and agricultural lands owned by certain nonprofit corporations or associations. To qualify, the primary purpose of the nonprofit corporations or associations must be to conserve agricultural lands and prevent them from being converted to nonagricultural uses, and the conservation futures must be effectively restricted to prevent nonagricultural uses on the land. Purpose Encouraging the retention of farmlands in urban transitional areas. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing a property tax exemption would not increase state revenues. A repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. It may decrease the local rate and possibly result in local taxing districts at their statutory maximum rate experiencing a revenue increase. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.0