Hydrated lime is produced by adding water to burned lime and is often sold as builder's or slaked lime. It has a neutralizing value between 120 and 135 percent. Hydrated lime is also quite caustic and difficult to handle. Like the burned lime, it should never be applied in direct contact with turfgrass or other established plants because it will burn the foliage. All applications of hydrated lime should be incorporated immediately.
Pelletized lime is a rather new lime material.
It is not a new lime as much as a new packaging method for limestone. Pelletized lime is finely ground agricultural lime to which a cementing agent has been added. The product is more expensive than regular ground limestone, but it is much easier to spread and eliminates the dust problem always associated with applying ground limestone. The pellets dissolve with a good soaking rain or irrigation and release the lime to the soil. The lime is not soluble, but does spread slightly as the pellets break up under wet conditions.