A tract of land that is controlled by one entity and is planned and developed as a whole, either all at once or in programmed stages. PUDs are developed according to detailed site plans and may incorporate both residential and commercial land uses. They generally include improvements such as roads and utilities. A form of differential assessment that permits eligible land to be assessed at its value for agriculture. Landowners sell an agricultural conservation easement to a qualified public agency or private conservation organization.
Landowners retain full ownership and use of their land for agricultural purposes.
PACE programs do not give government agencies the right to develop land. Development rights are extinguished in exchange for compensation. See purchase of agricultural conservation easements . TAX A state or local tax imposed on the sale of real property. If a landowner gives notice of intent to terminate a contract, the assessed value of the property increases during the balance of the term to the full fair market value.