Are there any similar exceptions from the requirement that real property be taxed by its “highest and best use”?
Yes, one exception provides for the classification of agricultural lands and for the assessment of those lands on the basis of character or use. This means that agricultural lands can not be taxed according to the “highest and best use” standard. For the assessment of agricultural lands, a property appraiser may consider only: quantity and size of the property, condition of the property, present market value of the property, income produced by the property, productivity of the property in its present use, economic merchantability of the agricultural product, and other agricultural factors. Also, counties and cities are authorized to assess historical property based solely on the basis of its character or use.
