72 Pa. Stat. § 5491.2

Current through Pa Acts 2024-53, 2024-56 through 2024-111

Section 5491.2 - Definitions

The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Agricultural conservation easement." A holder's nonpossessory interest in real property, whether appurtenant or in gross, imposing limitations or affirmative obligations, the purpose of which is to assure its availability for agricultural use, and which contains a third-party right of enforcement.

"Common level ratio." The ratio of assessed value to current market value used generally in the county as last determined by the State Tax Equalization Board pursuant to the act of June 27, 1947 (P.L. 1046, No. 447), referred to as the State Tax Equalization Board Law.

"Established predetermined ratio." The ratio of assessed value to market value established by the board of county commissioners and uniformly applied in determining assessed value in any year pursuant to the act of May 22, 1933 (P.L. 853, No. 155), known as The General County Assessment Law.

"Holder." The term includes the following:

(1) A governmental body empowered to hold an interest in real property under the laws of this Commonwealth or the United States.

(2) A charitable corporation, charitable association or charitable trust registered with the Bureau of Charitable Organizations of the Department of State and exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1986 ( Public Law 99-514, 26 U.S.C. § 501(c)(3) ) or other Federal or Commonwealth statutes or regulations, the purposes or powers of which include assuring the availability of real property for agricultural use.

"Restricted farmland market value." The fair market value of farmland that has been restricted by an agricultural conservation easement, thus limiting the highest and best use of the land to agricultural purposes.

"Third-party right of enforcement." A right provided in an agricultural conservation easement in order to enforce any of its terms granted to either:

(1) a governmental body; or

(2) a charitable corporation, charitable association or charitable trust;

which, although eligible to be a holder, is not a holder.

72 P.S. § 5491.2

1994, Oct. 13, P.L. 605, No. 91, § 2, imd. effective.