Allowing reduced property valuation for certain farmland

Removed the requirement that a corporation must be primarily engaged in farming to qualify for tax reduction if it has at least $20,000 in agricultural product sales, use, or consumption on the farm property.

Clarified that all farm property owned by a corporation must be considered together (regardless of whether parcels are contiguous) when determining if the $20,000 agricultural product threshold is met.

Removed the provision stating that a corporation is not engaged in farming unless its principal activity is farming, replacing it with language that allows non-farming corporations to qualify if their farm property meets the $20,000 agricultural product threshold.

Added a reference to the definition of agricultural products in §11-1A-3(g) of the code.

Changed the bill's stated purpose from allowing property tax reduction for certain farmland to specifically authorizing reduced property appraisal for certain corporate owners of farm property.

Removed the provision requiring the Tax Commissioner to promulgate rules to ensure provisions are available to eligible persons and corporations.