Estimated Cropland and Pastureland Use Values using the Capitalized Cash Rental Rate Method Tax Year 2019

Transcription

1 Estimated Cropland and Pastureland Use s using the Capitalized Cash Rental Rate Method Tax Year 2019 USDA National Agricultural Statistical Service (NASS) released the third series of cash rental rates for irrigated and non-irrigated cropland and pastureland for Virginia counties and cities. These rental-rate values provide additional information for jurisdictions regarding agricultural land use-value assessment. Capitalized cash rental rates and the capitalized net income approach are both State Land Evaluation Advisory Council (SLEAC) approved methods for jurisdictions to consider when setting annual Agricultural and Horticultural s. Below please find: Table 1 Use-values 1 by jurisdiction for non-irrigated and irrigated cropland and pastureland (listed in alphabetic order). Table 2 listing of counties and cities in each NASS crop reporting district s in Table 1 are derived from the existing methods for determining capitalization rates as described in the Tax Year 2011: Methods and Procedures found on the Virginia's Use Assessment Program web site at Rental rates as described below are divided by the capitalization rate for each jurisdiction to arrive at a per acre value for crop and/or pasture land. NASS rental rates are annual values in $/acre per year summarized from NASS surveys for the crop year 2017 and the data can be found at this NASS site: If there are sufficient number of responses to meet NASS nondisclosure requirements for a jurisdiction then that value is published. For example, in Table 1 the specific rental rate for cropland in Accomack is $80.00 per acre. When there are not enough responses in a jurisdiction to meet NASS nondisclosure requirements, then all the data for the non-disclosed jurisdictions within a crop reporting district is summarized and published as a Combined value. For example, in Table 1 the rental rate for pastureland in Accomack is $37.50 per acre, the combined county value for Eastern District counties. A note of caution: Combined rental rates cut across jurisdictional lines and may not reflect all local market conditions. Additional information, past year s estimates, and publications on Virginia's Use Assessment Program can be found at Contacts: Virginia Department of Taxation Terry Born Sr. Property Appraisal Consultant P.O. Box 565 Richmond, VA Phone (804) theresa.born@tax.virginia.gov VA Tech Department of Agricultural and Applied Economics Lex Bruce (fbruce@vt.edu) Phone (540) Gordon Groover (groover@vt.edu) Phone (540) Mail Code 0401 Blacksburg, VA Capitalized cash rental rate values are calculated for all jurisdictions regardless of their use value assessment status. SLEAC estimates apply to tax year

2 Table 1: 2017 cropland and pastureland values based on NASS 1 capitalized rental rates (see end of table for footnotes) Rate TY SLEAC Approved 9/12/2018 Accomack , , ep 644 Albemarle Alleghany wc wp 236 Amelia Amherst Appomattox Augusta Bath Bedford Bland swc Botetourt Campbell Caroline , Carroll Chesapeake , sep 318 Chesterfield cc cp 281 Clarke Culpeper Cumberland Dinwiddie sec Essex , ep 614 Fairfax nc Fauquier Floyd Fluvanna cc cp 287 Franklin sp 283 Frederick Giles Gloucester ec 1, ep 630 Goochland cc SLEAC estimates apply to tax year

3 Rate TY SLEAC Approved 9/12/2018 Greene cc cp 291 Greensville , sep 342 Halifax Hanover , Henrico cc cp 286 Henry Isle of Wight , sep 334 James City ec 1, ep 618 King George ec 1, ep 642 King William , ep 616 Lancaster ec 1, ep 647 Loudoun Louisa Madison Middlesex ec 1, ep 649 Montgomery Nelson New Kent ec 1, ep 617 Northampton , , ep 624 Northumberland , ep 653 Nottoway Orange Page Pittsylvania Powhatan cc cp 285 Prince Edward Prince George sec sep 328 Prince William nc np 515 Pulaski Rappahannock np 544 Richmond , ep 631 SLEAC estimates apply to tax year

4 Rate TY2019 Roanoke wc wp 221 Rockbridge Rockingham , , np 552 Russell Shenandoah Smyth Southampton , , Spotsylvania Stafford nc np 523 Suffolk , sep 318 Tazewell Virginia Beach , sep 325 Warren Washington swp 376 Westmoreland , ep 648 Wise swc swp 378 Wythe York ec 1, ep 623 VA Average s $/Acre National Agricultural Statistics Service (NASS) County-Level Cash Rent Data Accessed 9/20/ Rate (without risk) is a sum of the average interest rate component (interest rate component is 7-year state average (2 year lag) (from AgFirst)) and average property tax rate (property tax component is 7-year jurisdiction average (3-year lag) (from Department of Taxation)). 3 s $/acre = Land $/ac Rate. s rounded to the nearest $10. SLEAC estimates apply to tax year

5 Rate TY cc Central District Cropland ec Eastern District Cropland nc Northern District Cropland sec Southeastern District Cropland sc Southern District Cropland swc Southwestern District Cropland wc Western District Cropland cp Central District Pasture ep Eastern District Pasture np Northern District Pasture sep Southeastern District Pasture sp Southern District Pasture swp Southwestern District Pasture wp Western District Pasture Average Non-Irrigated Average Irrigated Cropland Average Pastureland $/acre Cropland $/acre $/acre NASS Districts Combined Combined Combined District District District Central Eastern Northern Southeastern Southern Southwestern Western SLEAC estimates apply to tax year

6 Table 2: within NASS crop reporting districts Districts Central Eastern Northern Southeastern Southern Southwestern Western Albemarle Amelia Amherst Appomattox Bedford Buckingham Accomack Charles City Essex Gloucester James City Arlington Clarke Culpeper Fairfax Brunswick Chesapeake City Dinwiddie Charlotte Franklin Bland Buchanan Carroll Dickenson Alleghany Augusta Campbell Caroline Chesterfield Cumberland Fluvanna Goochland King & Queen King George King William Lancaster Fauquier Frederick Loudoun Madison Greensville Isle of Wight Mecklenburg Halifax Henry Floyd Giles Grayson Lee Montgomery Bath Botetourt Greene Hanover Henrico Louisa Nelson Mathews Middlesex New Kent Northampton Page Prince William Rappahannock Rockingham Prince George Southampton Suffolk City Lunenburg Nottoway Pulaski Russell Scott Smyth Craig Highland Orange Powhatan Prince Edward Spotsylvania Northumberland Richmond Westmoreland York Shenandoah Stafford Warren Surry Sussex Virginia Beach City Patrick Pittsylvania Tazewell Washington Wise Wythe Roanoke Rockbridge SLEAC estimates apply to tax year