Requires disclosure of original purchase price for land to be sold to a county, county agriculture development board, or municipality for farmland preservation purposes.
Impact
This bill will modify the process through which counties and municipalities acquire land for preservation. By mandating the disclosure of purchase prices, it aims to prevent potential overpayment or unwise financial decisions related to farmland investments. This change could strengthen the fiscal responsibility of government entities by providing them with necessary information to negotiate and assess the value of parcels of land more effectively.
Summary
Senate Bill S1337 requires the disclosure of the original purchase price for real property that is being sold to a county, county agriculture development board, or municipality for farmland preservation purposes. The intent behind this bill is to enhance transparency in real estate transactions involving farmland and to ensure that governmental entities are informed of prior purchase prices to make better-informed decisions about their acquisitions.
Contention
While the bill seeks to promote transparency, it may face contention regarding privacy concerns from property owners who may be reluctant to disclose their purchase prices. Additionally, stakeholders in the real estate sector might argue that such a requirement could complicate the selling process or deter potential sellers due to increased scrutiny. Consequently, the balance between transparency in farmland preservation and the rights of property sellers will be central to discussions surrounding this legislation.
Same As
Requires disclosure of original purchase price for land to be sold to a county, county agriculture development board, or municipality for farmland preservation purposes.
Requires disclosure of original purchase price for land to be sold to a county, county agriculture development board, or municipality for farmland preservation purposes.
Authorizes counties and County Agriculture Development Boards to transfer farmland preservation installment purchases to State Agriculture Development Committee.
Authorizes counties and certain boards to acquire unpreserved lands in agricultural development areas for use by agricultural support businesses, and to sell or lease county-owned lands in such areas to such businesses at reduced price.
Authorizes State Agriculture Development Committee to maintain and use its own list of property appraisers, or to employ dedicated pool of property appraisers, or both, to facilitate valuation of land for farmland preservation purposes.
Directs State Agriculture Development Committee to identify farmland ineligible for county farmland preservation programs, notify owners of State requirements, and invite applications for farmland preservation under State program.
Appropriates $64,787,327 from constitutionally dedicated CBT revenues and other farmland preservation funds to State Agriculture Development Committee for farmland preservation purposes.
Appropriates $34 million from constitutionally dedicated CBT revenues to State Agriculture Development Committee for county planning incentive grants for farmland preservation purposes.
Establishes preservation and grant program in Department of Agriculture for farmland in danger of being developed for certain industrial projects; appropriates $50 million to the State Agriculture Development Committee.
Requires SADC and any local board acquiring farmland for preservation purposes to provide partial payment to landowner, in advance of settlement, to demonstrate good faith intent to proceed with settlement and acquisition.