§11-1A-10. Valuation of farm property.
(a) With respect to farm property, the tax commissioner shall
appraise such property so as to ascertain its fair and reasonable
value for farming purposes regardless of what the value of the
property would be if used for some other purpose, and the value
shall be arrived at by giving consideration to the fair and
reasonable income which the property might be expected to earn in
the locality wherein situated, if rented. The fair and reasonable
value for farming purposes shall be deemed to be the market value
of such property for appraisement purposes.
(b) A person is not engaged in farming if he is primarily
engaged in forestry or growing timber. Additionally, a corporation
is not engaged in farming unless its principal activity is the
business of farming, and in the event that the controlling stock
interest in the corporation is owned by another corporation, the
corporation owning the controlling interest must also be primarily
engaged in the business of farming.