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ET 34 Rev. 1/07 Estate Tax Division P.O. Box 183050 Columbus, OH 43218-3050 1-(800) 977-7711 tax.Ohio.gov Reset Form Qualified Farm Property Valuation Election Application (Ohio Revised Code Section

How to fill out qualified farm property valuation

How to fill out qualified farm property valuation:

1. Gather all relevant information about the farm property, including its location, size, and any improvements or structures on the land.
2. Determine the current market value of the farm property by researching recent sales of similar properties in the area.
3. Calculate the income generated by the farm, taking into account any crops, livestock, or other agricultural activities. This can be done by reviewing financial records and consulting with experts in the field.
4. Assess the value of any additional assets associated with the farm, such as machinery, equipment, or buildings.
5. Consider any restrictions or limitations on the use of the farm property, such as zoning regulations or conservation easements.
6. Complete the required forms provided by the relevant authority or agency responsible for qualified farm property valuation, ensuring that all information is accurate and adequately supported by documentation.
7. Submit the completed valuation forms along with any necessary supporting materials to the appropriate authority or agency.

Who needs qualified farm property valuation:

1. Farmers or landowners who are considering selling or transferring ownership of their farm property.
2. Financial institutions or lenders who may require a valuation of the farm property as part of a loan application or refinancing process.
3. Government agencies or municipalities that need to determine the value of farm properties for tax assessment or land use planning purposes.

For pdfFiller’s FAQs

What is qualified farm property valuation?

Qualified farm property valuation is the process of determining the value of farmland that qualifies for specific tax benefits or exemptions.

Who is required to file qualified farm property valuation?

Individuals or entities who own farmland and wish to claim tax benefits or exemptions for qualified farm property are required to file qualified farm property valuation.

How to fill out qualified farm property valuation?

To fill out qualified farm property valuation, you need to provide detailed information about the farmland, including its location, size, current use, improvements, and any relevant income or expenses.

What is the purpose of qualified farm property valuation?

The purpose of qualified farm property valuation is to determine the value of farmland that meets specific criteria for tax benefits or exemptions, encouraging and supporting agricultural activities.

What information must be reported on qualified farm property valuation?

On qualified farm property valuation, you must report information such as the legal description of the property, primary use, acreage, soil type, improvements, income from farming activities, and any applicable conservation practices.

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