Section 5491.3 - Assessment of land containing agricultural conservation easement(a) Assessment.--The assessed value of land, but not the buildings thereon, which is subject to either a perpetual agricultural conservation easement or an agricultural conservation easement for less than perpetuity shall be determined by determining the restricted farmland market value of the land and by applying the current established predetermined ratio of the county to the restricted farmland market value unless the appropriate common level ratio determined by the State Tax Equalization Board varies by more than 15% from the established predetermined ratio, in which case the common level ratio shall be applied to the restricted farmland market value.(b) Revaluation.--(1) After the initial assessment of land which is subject to perpetual agricultural conservation easement under subsection (a), the assessed value of that land may be decreased but shall not be increased unless a county has effected a countywide revision of assessments.(2) After the initial assessment of land which is subject to an agricultural conservation easement for less than perpetuity under subsection (a), the assessed value of that land may be changed as a result of a countywide revision of assessments and may annually be subject to revaluation in accordance with the provisions of subsection (a) pursuant to the appeal procedures of the applicable law governing assessments in the county in which the land is located.(c) Countywide revision of assessments.--In the event that there is a countywide revision of assessments involving either the revaluing of properties or a mathematical change in the assessment base, the assessed value of land, but not the buildings thereon, which is subject to either a perpetual agricultural conservation easement or an agricultural conservation easement for less than perpetuity shall be determined in accordance with the provisions of subsection (a) pursuant to the procedure for determining assessed value of property in assessment appeals after a countywide revision of assessments.1994, Oct. 13, P.L. 605, No. 91, § 3, imd. effective.