Wisconsin § 74.485 - Charge for converting agricultural land.

§ 74.485. Charge for converting agricultural land.

74.485(1) (1) Definition. In this section, “agricultural land” has the meaning given in s. 70.32 (2) (c) 1g. 74.485(2) (2) Conversion charge. Except as provided in sub. (4) , a person who owns land that has been assessed as agricultural land under s. 70.32 (2r) and who converts the land’s use so that the land is not eligible to be assessed as agricultural land under s. 70.32 (2r) , as determined by the assessor of the taxation district in which the land is located, shall pay a conversion charge to the county in which the land is located in an amount, calculated by the county treasurer, that is equal to the number of acres converted multiplied by the amount of the difference between the average fair market value of an acre of agricultural land sold in the county in the year before the year that the person converts the land, as determined under sub. (3) , and the average equalized value of an acre of agricultural land in the county in the year before the year that the person converts the land, as determined under sub. (3) , multiplied by the following: 74.485(2)(a) (a) Five percent, if the converted land is more than 30 acres. 74.485(2)(b) (b) Seven and one-half percent, if the converted land is 30 acres or less but at least 10 acres. 74.485(2)(c) (c) Ten percent, if the converted land is less than 10 acres. 74.485(3) (3) Value determination. Annually, the department of revenue shall determine the average equalized value of an acre of agricultural land in each county in the previous year, as provided under s.