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REDUCES CLASSI~CATION PERCE'NTAG£ ON COMM£,RCIAL-IND.USTRIAL. <br />PROPERTY. <br /> <br />eaze of state-assessed commercial or industrial property owned by one .person <br />entity, only one pm'eel is to qualify for the 34 pe. r. eent esse~;ment. ~ the ease~ <br />eom inertial or industrial property~ other than state-assessecl .?.op~. ru.?, .o.wneo <br />one person or entity, only one .pa,.eel i~. each county ia .to .qu.?x_y_~_o_r_?_eo a__~_?.._re, enz <br />assessrnent~ other parcelz are to oe v~ueo eno asse~ea &t ,~ pereen~ o~ mar~e~. <br />Th~ section is effee~ve for taxes'lawed in 1983 and later years~ payable in. 1984 <br />and later years. <br /> <br />S~.~tion~;eduees the ehusLfi?~U.on pe.,ee.n .t~ge (x??e first. $.$0.,0.00 of m?rk.e_t.Le ' <br />yalue of commercial and industrmi property zrom 4u percent ~o aq percent, m m <br /> <br />I <br />I <br /> <br />DELAYS USE OF RENT CAPITALIZATION I]q VALUING FARMS. <br /> <br /> Section 2'/delays for one year the use of the rent capitalization method of .valuing <br />-~.iJlableagricultural land. Previous law said that assessors would begin valuing <br /> tt11,hle agricultural land by means of rent capitalization with the 1,983 asse~?:menL <br /> This section says that beginning with the 1984 assessment agricultural land is to be <br /> V-lned at the lesser of its market value or the value which could be derived from <br /> <br />capitalizing its free market gross rental rate as determined for that grade of land <br />at_ a rate of 5.$ percent. Each county ~ is to survey the farm rental values <br />of each grade of farmland in each townshq) in the county and determine a farm <br /> <br />I rent~ wl,~,e to be used for the assessment of each grad.e. The values determined <br /> ~ to be presented to township boards of review at their, annual meetings in the <br /> year prior to that in which those values might be tt~d in determining trundle <br /> qrieultural values. The boards of review and ~ property o.wners may present <br /> I their comments on the values, including any e~ndpnee indicating that the values are <br /> lrdeeurate~ by December I, of the year when the values were presented to the <br /> bom. d. The county assessor is to make his final de:ermination of valuaUons for <br />I Ja~. uary 2 of the subsequent year based on his determinations of the farm rental <br /> vames az modified by any comments of beard mer~bers or other property owners <br /> <br />I .that. he finds persuasive, blontRlable agricultural land and buildings on agricultural <br /> are to be valued in the usual manner. <br /> <br /> This section was effective June 17, 1983. <br />! <br /> <br /> <br />