Can Leased Land Qualify? Leased land can qualify for assessment and taxation under the FAA if the acreage requirement is met and the production requirement is satisfied. A purchaser or lessee may qualify the land by submitting, along with the application from the owner, documents certifying that the production levels have been satisfied. What happens when land is withdrawn from FAA? When land becomes ineligible for farmland assessment (such as when it is developed or goes into non-use), the owner becomes subject to what is known as a rollback tax. The rollback tax is the difference between the taxes paid while on greenbelt and the taxes which would have been paid had the property been assessed at market value. In determining the amount of rollback tax due, a maximum of five years preceding the change in use will be used. The tax rate for each of the years in question will be applied to determine the rollback tax amount. 2004 Valuation Changes The Utah State Tax Commission, based on a four year study conducted by Utah State University, had adjusted the values used for farmland assessment. The basic changes in addition to the valuation changes include: A system that has been developed to annually update values for land assessed under the Farmland Assessment Act. Under the old system land with equal productive capabilities was similarly valued by region. Under the new system land values will be individualized for each county based upon agricultural production, income, and expenses for that county.
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