The farmland tax law provides for the valuation of land which has been classified as farmland based on its current use as farmland, rather than its potential fair market value for more intensive sues other than agricultural.

Requirement for Classification
Minimum Size
The tract must contain at least 5 contiguous acres. An application may be made for more than 1 tract of property as long as one of the tracts contain 5 contiguous acres.

The tract must be used for farming, agriculture, or horticulture activities, but may include woodland and wasteland within the farm unit.

Income Requirement
The tract must contribute to a gross income per year of at least $2,000 per year from the sales value of agricultural products as defined in Title 7, section 152, subsection 2 in one of the 2, or 3 of the 5 years preceding the date of application for classification. Gross income includes the value of commodities produced for consumption by the farm household; gross annual farming income may no longer include income from trees grown and harvested for forest products.