Providing a property tax exemption for land used to produce food within the limits of a city

This bill provides a property tax exemption for property located within a city and certified as an urban farm by a city council pursuant to an ordinance. The ordinance cannot be adopted if another affected taxing entity objects. The property must be owned by or leased to a nonprofit entity which must use the property to produce food use by, sale to, or otherwise distributed to a nonprofit organization such as a food bank or emergency feeding organization recognized by the department of revenue. A lease must be for at least five years and the exemption applies until the lease expires or until the property is decertified. A lease may be renewed or extended and, if the property is still eligible, the exemption continues. The ordinance may provide that upon decertification, the exemption is disallowed and the amount of the property taxes that had been exempted shall be entered against the property on the tax list for the current year.7.7 provides that for a property tax credit or exemption enacted on or after January 1, 1997, if a state appropriation made to fund the credit or exemption is not sufficient to fully fund the credit or exemption, the political subdivision shall be required to extend to the taxpayer only that portion of the credit or exemption estimated by the department of revenue to be funded by the state appropriation.