Properly referred to as use value, the term means the value of land in it's current use as agricultural land, horticultural land or forestland, and is based solely on it's ability to produce income.
Agricultural land includes woodland and wasteland.
May consist of more than one tract of agricultural land, but at least one of the tracts must meet the requirements and each tract must be under a sound management program. One tract must consist of at least 10 acres that are in actual production and are not included in a farm unit. Gross income includes income from the sale of the agricultural products produced from the land and any payments received under a governmental soil conservation or land retirement program. If individually owned, the property must be the owner's residence or have been owned by the current owner or a relative of the current owner for four years preceding January 1 of the year in which this benefit is claimed. Forestland Forestland means land that is part of a forest unit that is actively engaged in the commercial growing of trees under a sound management program.