Do you own vacant non-agricultural land? Recent changes to state laws regarding the valuation of vacant land, unimproved land, means you may want to file an annual Vacant or Unimproved Lot Application (Form 191) with the assessor's office to have your land considered as one parcel for the purpose of valuation.
The application requirements are: Two or more lots; held for sale or resale; with the same ownership; in the same subdivision; in the same tax district.
Once the assessor office has received the application, the assessor is to value your land using the income approach to value, including the use of a discounted cash-flow analysis as of January 1. The discount method recognizes that the lots take a period of time to sell and that the revenue stream will be generated over a period of time.
If you do not file the Vacant or Unimproved Lot Application, Form 191, with the assessor by December 31st each year the discounted cash-flow analysis will not be considered when determining the assessed value of your land. The land will be valued at full market value.