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on agricultural, forestal and horticultural property but not on open space. “We consider this a farming county. We know our fanners,” Powell said. “But of course use value includes more than just our farmers. Speculators are' eligible too,” she noted, adding that Culpeper’s proximity to the metropolitan area attracts investors to buy farm land and other property that would qualify for use value. “It’s a controversial program,” she acknowledged.
Fanner Supervisors
“On our board, we have three farmers. They don’t care what percentage of the county is in land use,” said Madison’s commissioner of revenue Kay Nichol.
According to Nichol, well over half of Madison County’s total acreage is receiving use value taxation. In addition, she said, owners of approximately 30 per cent of the land eligible for the program have not applied.
Fair market value of Mad isoin property in land use is $29,735,320. Without land use, she said, taxes on that property would bring in $503,221 in revenue. With land use, however, $163,544 is deferred dropping revenue received down to $342,677. “We reduced the levy by about 30 per cent,” Nichol
90.8%