Greenbelt Law Exemption

To prevent farmland from being taxed as if it were a high-value shopping center (Highest and Best Use), the Greenbelt Law allows agricultural land to be assessed based on its current use (farming) rather than its potential development value. This lowers the tax bill significantly to encourage the preservation of farmland.The formula for calculating the tax bill is straightforward but must be done in order.Assessed Value – Exemptions = Taxable Value.Taxable Value × Tax Rate (Millage) = Property Taxes Due. Note: One "mill" equals one-tenth of a cent ($0.001). To calculate taxes, you move the decimal point of the millage rate three places to the left.