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|Contributions||Oregon. Dept. of Land Conservation and Development.|
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In , the Oregon Legislature began to adopt farm use special assessment laws. The Oregon Legislature, administrative rules, and Tax Court, Attorney Gen-eral, and the Department of Revenue decisions have modified or clarified these special assessment laws since then. This comprehensive manual details the complexities of this program. (3) Based on the average farm income earned on the tract in the best three of the last five years. [ c §1] Note: (Farm income standard for dwelling in conjunction with farm use) was added to and made a part of ORS chapter by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised. farm-use assessment. The qualification of farmland for special assessment is determined as of January 1. To qualify, your land must currently be used, and have been used in the previous year exclusively for farm use (see farm use definition below). Farm use defined Oregon Revised Statute A defines “farm use” in part, as follows:File Size: 58KB. income from the farm use must be at least $ If the land is more than six and one half but fewer than 30 acres, your gross income from the farm use must be $ multiplied by the number of acres. A frac-tion of an acre should be applied as a percentage in the calculation of the gross income requirement.
Exclusive Farm Use (EFU) Unzoned Farmland: % Forestland: 20% Small Tract Forestland: Basic Requirements: Must have had a commercial farm use prior year. Current and two prior years farm use, and must meet gross income requirements for 3 of . state income taxes. As a group, Oregon’s 30, non-corporate farmers show losses every year, reducing revenue by over $10 million, while the state’s farm and forest corporate businesses pay only $6 million a year in income taxes, a tiny portion of the nearly $6 billion in farm sales. For more than 45 years, Oregon has maintained a strong policy to protect farmland. This policy was adopted by the state legislature in Open land used for agriculture is a vital natural and economic asset for all the people of the state. Preservation of a maximum amount of agricultural land. (2) The following nonfarm uses may be established, subject to the approval of the governing body or its designee in any area zoned for exclusive farm use subject to ORS (Standards for approval of certain uses in exclusive farm use zones): (a) Commercial activities that are in conjunction with farm use, including the processing of farm.
Oregon’s state-run retirement plan vs. (k) plan There are a variety of other qualified retirement plans that would satisfy the regulations of Oregon’s retirement mandate: a (k), SIMPLE IRA, qualified annuity plan under section (a), and a tax-sheltered annuity plan under (b)—to name a few. Separate showing of compliance with, or exception to, state land use planning goal dealing with urbanization is not required in order to allow uses in exclusive farm use zone that are urban in nature but of kinds specifically allowed by statute. Jackson County Citizens’ League v. Jackson County, Or App , 15 P3d 42 (). The CAT is $ plus % on a taxpayer’s Oregon-sourced taxable commercial activity above $1 million and would be imposed in addition to the corporate income and excise tax already imposed by the state. (Note that Oregon is one of the few states that does not impose a state . The criteria for defining and delineating farmland of statewide importance are determined by the appropriate State agencies. Generally, this land includes areas of soils that nearly meet the requirements for prime farmland and that economically produce high yields of crops when treated and managed according to acceptable farming methods.