Section 63-205C - VALUATION OF AGRICULTURAL LAND(1) The market value of land actively devoted to agriculture is its actual use value. Actual use value shall be established by capitalization of economic rent or long-term average crop rental at a capitalization rate that shall be either the rate of interest charged by lenders in the local area for agricultural property loans or by the Spokane office of the farm credit system, each averaged over the immediate past five (5) years, whichever is higher, plus the local tax rate.(2) "Land actively devoted to agriculture" means that property defined by section 63-604, Idaho Code. For purposes of this section, the act of platting land actively devoted to agriculture does not, in and of itself, cause the land to lose its status as land being actively devoted to agriculture if the land otherwise qualifies for the exemption under this section.(3) Land actively devoted to agriculture shall not be valued at its speculative value as development property until the use has changed and it is no longer actively devoted to agriculture.(4) Rental rates, interest rates, commodity prices, and input prices or other landlord expenses typical to the county of the property being assessed shall be used.(5) The state tax commission shall adopt rules implementing the provisions of this section that shall provide the procedure by which economic rent, average crop rental, and capitalization rates shall be established.[(63-205C) 63-602K added 1996, ch. 98, sec. 7, p. 352; am. 2004, ch. 27, sec. 4, p. 44; am. 2006, ch. 233, sec. 3, p. 693; am. and redesig. 2020, ch. 313, sec. 1, p. 889.]Renumbered from Section 63-602K and amended by 2020 Session Laws, ch. 313,sec. 1, eff. 7/1/2020.3-602K added 1996, ch. 98, sec. 7, p. 352; am. 2004, ch. 27, sec. 4, p. 44; am. 2006, ch. 233, sec. 3, p. 693.