72-16-336. Valuation of closely held business interests. If 72-16-335 does not apply, the following factors apply in determining the value of any qualified real property:
     (1) The capitalization of income that the property can be expected to yield for farming or closely held business purposes over a reasonable period of time under prudent management using traditional cropping patterns for the area, taking into account soil capacity, terrain configuration, and similar factors;
     (2) the capitalization of the fair rental value of the land for farmland or closely held business purposes;
     (3) assessed land values;
     (4) comparable sales of other farm or closely held business land in the same geographical area far enough removed from a metropolitan or resort area so that nonagricultural use is not a significant factor in the sales price; and
     (5) any other factor that fairly values the farm or closely held business value of the property.

     History: En. Sec. 5, Ch. 705, L. 1979.