74.485 Charge for converting agricultural land.
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74.485 Charge for converting agricultural land.
(1)Definition. In this section, “agricultural land” has the meaning given in s. 70.32
(c)1g.
(2)Conversion charge. Except as provided in sub.
(4), a person who owns land that has been assessed as agricultural land under s. 70.32
(2r)and who converts the land’s use so that the land is not eligible to be assessed as agricultural land under s. 70.32
(2r), as determined by the assessor of the taxation district in which the land is located, shall pay a conversion charge to the county in which the land is located in an amount, calculated by the county treasurer, that is equal to the number of acres converted multiplied by the amount of the difference between the average fair market value of an acre of agricultural land sold in the county in the year before the year that the person converts the land, as determined under sub.
(3), and the average equalized value of an acre of agricultural land in the county in the year before the year that the person converts the land, as determined under sub.
(3), multiplied by the following:
(a)Five percent, if the converted land is more than 30 acres.