Farmland Assesment and Flood Debasement
Flood debasements are an opportunity to reduce the assessed value of cropland to reflect loss in input costs and crop yields on an acre-by-acre basis. This is a long-standing statutory requirement that county assessors are responsible for applying to qualifying farmland.
This year is unique for many counties (including farmers and assessors) that aren’t as accustomed to flooding. Due to persistent rains, many counties across the state have experienced flood conditions. As a result, this will be the first time some of those counties are asked to apply a flood debasement.
The process of requesting a flood debasement begins with the farmer. The responsibility for reporting and showing proof (acre by acre) of flooding and subsequent yield loss belongs with the farmer. Proof can include documentation such as photos, loss appraisals, crop production history reports, and potentially, specific forms required by the county assessor.
Once percentage of loss is determined, the percentage is spread over a 10-year flood history of the parcel.
Prevent Plant acres, due to flooding, can qualify for a flood debasement, but documentation still needs to be provided to the county assessor.
The debasement will likely begin in assessment year 2020, for taxes payable in 2021.
If you have any questions, you can reach out to Brenda at [email protected].