SB 26-10

Senate Bill 26-10, which has been signed into law in Colorado, updates the definitions of "ranch" and "farm" for property tax purposes. Under this new law, a ranch is now defined as land primarily used for grazing livestock to earn money, where animals have regular access to open pastures. Similarly, a farm is defined as land mainly used to produce agricultural products for profit. This change affects how agricultural properties are taxed and aims to better reflect the modern practices of farming and ranching in Colorado. Since it has been signed, this bill is now law and impacts property tax assessments for farms and ranches in the state.

Official Summary

The act broadens the definition of 'ranch' for purposes of property taxation to mean a parcel of land that is predominantly used for grazing livestock for the primary purpose of obtaining a monetary profit. A ranch must operate through a pasture-based operation, which is newly defined as a method of livestock management where pasture-grazed livestock have regular access to open pasture and derive a majority of their diet through grazing.     The act also broadens the definition of 'farm' for purposes of property taxation to mirror the predominant use language in the definition of 'ranch'. With this change, a farm means a parcel of land that is predominantly used to produce agricultural products that originate from the land's productivity for the primary purpose of obtaining a monetary profit.(Note: This summary applies to this bill as enacted.)

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