15-7-221. (Temporary) Phasein of the taxable value of agricultural land. The increase or decrease in taxable value of agricultural land resulting from the change in the method of determining productive capacity value under 15-7-201 must be phased in beginning January 1, 1995, as follows:
     (1) For the year beginning January 1, 1995, and ending December 31, 1995, the taxable value of agricultural land in each land use and production category must increase or decrease from the December 31, 1994, value by one-third of the difference between the product of the productive capacity value of agricultural land for 1995 determined under 15-7-201 times the class three tax rate and the taxable value of agricultural land as of December 31, 1994.
     (2) For the year beginning January 1, 1996, and ending December 31, 1996, the taxable value of agricultural land in each land use and production category must increase or decrease from the December 31, 1994, value by two-thirds of the difference between the product of the productive capacity value of agricultural land for 1995 determined under 15-7-201 times the class three tax rate and the taxable value of agricultural land as of December 31, 1994.
     (3) Beginning January 1, 1997, the taxable value of agricultural land in each land use and production category is equal to 100% of the productive capacity value of agricultural land determined under 15-7-201 times the class three tax rate.
     (4) This section does not apply to land described in 15-6-133(1)(c). (Repealed effective January 1, 1998--secs. 4, 5, Ch. 563, L. 1995.)

     History: En. Sec. 3, Ch. 267, L. 1993; amd. Sec. 5, Ch. 485, L. 1995; amd. Sec. 3, Ch. 563, L. 1995.