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Agricultural land is defined as any tract of 10 acres or more used for the production of crops, livestock, tobacco or timber, any tract of five acres or more used for commercial aquaculture, or any tract meeting the requirements for payments for a participation in an agricultural program based on a contract with the
What is considered a farm in Kentucky?
ing to KRS 132.010 (9) Agricultural land means: Any tract of land, including all income-producing improvements, of at least ten contiguous acres in area used for the production of livestock, livestock products, poultry, poultry products and/or the growing of tobacco and/or other crops including timber.
What legally defines a farm?
USDA defines a farm as any place that produced and soldor normally would have produced and soldat least $1,000 of agricultural products during a given year. USDA uses acres of crops and head of livestock to determine if a place with sales less than $1,000 could normally produce and sell at least that amount.
How to find out who owns a property in Kentucky?
1. How do I find out who owns a certain property? The Property Valuation Administrator ( PVA ) offers a free Basic Property Search that will help you find information on property ownership and assessed property value. You can search by Name, Location, PIDN, Deed or Subdivision.
How much is real estate in Kentucky?
The Kentucky real estate market has a median sale price of $265,200, which is 65.1% lower than the national median sale price of $437,923.
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One such definition is found in IRC Section 2032A(e)(4) relative to estate tax valuation; it reads as follows: The term farm includes stock, dairy, poultry, fruit, furbearing animal, and truck farms, plantations, ranches, nurseries, ranges, greenhouses or other similar structures used primarily for the raising of
What is the assessed value of property in Kentucky?
Kentucky State law (KRS 160.460) requires all real property be assessed at one hundred percent (100%) of fair cash value, the Kentucky Constitution (Section 172) defines assessed value as the price [property] would bring at fair voluntary sale. The Jefferson County Property Valuation Administrators office (PVA)
How do I become farm exempt in Kentucky?
The Application for the Agriculture Exemption Number, Form 51A800, is available at .revenue.ky.gov under Sales Tax forms. Completed applications should be submitted by email to DOR.Webresponsesalestax@ky.gov or mailed to DORs Division of Sales and Use Tax, Station 66, P.O. Box 181, Frankfort, KY 40602-0181.
Related links
Real Property Leases - Buildings and Land
Purpose. To describe KCTCS guidelines and Kentucky Revised Statutes (KRS) requirements controlling the lease of real property (buildings and land).
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