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
The enactment of SB 1223 would reinforce the principles of transparency within agricultural land acquisition procedures. By ensuring that purchasing entities are informed about the original purchase prices of the properties, local governments will have a clearer understanding of the financial implications involved in their preservation efforts. This measure could assist in budget planning and evaluations related to public investments in land preservation programs while potentially preventing inflated sales that could affect public funding allocations.
Summary
Senate Bill 1223 mandates that when land or a development easement is sold to a county, county agriculture development board, or municipality for farmland preservation purposes, the seller must disclose the original purchase price of the property. This requirement is intended to enhance transparency in land transactions associated with farmland preservation initiatives. The bill aims to provide local governments and agricultural boards with crucial information about the financial history of the properties they seek to acquire, ultimately seeking to uphold the integrity of the farmland preservation process.
Contention
While the bill is primarily designed to improve transparency, it may also introduce debates regarding fairness and operational challenges in real estate transactions. Some stakeholders might argue that the disclosure requirement could complicate negotiations or impact private sellers' willingness to engage in sales of agricultural land. Moreover, considerations about how this disclosure affects land valuation and market dynamics could lead to discussions among various agricultural and real estate communities.
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.
Carry Over
Requires disclosure of original purchase price for land to be sold to a county, county agriculture development board, or municipality for farmland preservation purposes.
Carry Over
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.
Appropriates $64,787,327 from constitutionally dedicated CBT revenues and other farmland preservation funds to State Agriculture Development Committee 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 $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.