This is a Preferential Right to Purchase Production form. The assignor reserves the right at any time and from time to time to purchase or designate a purchaser for all of assignees oil and other liquid hydrocarbons produced and saved from the interests in the lands and leases that are the subject of this assignment.
Tennessee Preferential Right to Purchase Production
Category:
State:
Multi-State
Control #:
US-OG-505
Format:
Word;
Rich Text
Instant download
Description
How to fill out Preferential Right To Purchase Production?
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FAQ
A ?rollback? assessment is simply the difference between the greenbelt assessment and the market value assessment that would have been applied if the property had not been in the program. In effect, rollback taxes pay back the tax savings the owner enjoyed under a greenbelt assessment.
The calculated difference between the market value of the parcel and the greenbelt value is $420,500 or a reduction in the taxable value of the property (and its assessed value) of about 42.7%.
The Greenbelt Tax Program was designed to incentivize the preservation of farm and forestland across the State of Tennessee. The incentive is accomplished by valuing land based upon its present use, rather than its fair market value; which means significant property tax savings for the landowner.
The Act is codified in Tennessee Code Annotated §§ 67-5-1001 through 1050. The purpose of the Act is to help preserve agricultural, forest, and open space land. This is accomplished by valuing land based upon its present use, rather than at a highest and best use.
A green belt is a policy, and land-use zone designation used in land-use planning to retain areas of largely undeveloped, wild, or agricultural land surrounding or neighboring urban areas.
The Agricultural, Forest and Open Space Land Act of 1976, better known as the Greenbelt Law, allows certain land to be taxed on its present use instead of market value.
The Agricultural, Forest and Open Space Land Act of 1976, better known as the Greenbelt Law, allows certain land to be taxed on its present use instead of market value.
The calculated difference between the market value of the parcel and the greenbelt value is $420,500 or a reduction in the taxable value of the property (and its assessed value) of about 42.7%.
