Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 5491.2. Definitions

The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Agricultural conservation easement.”  A holder's nonpossessory interest in real property, whether appurtenant or in gross, imposing limitations or affirmative obligations, the purpose of which is to assure its availability for agricultural use, and which contains a third-party right of enforcement.

“Common level ratio.”  The ratio of assessed value to current market value used generally in the county as last determined by the State Tax Equalization Board pursuant to the act of June 27, 1947 (P.L. 1046, No. 447), referred to as the State Tax Equalization Board Law.  1

“Established predetermined ratio.”  The ratio of assessed value to market value established by the board of county commissioners and uniformly applied in determining assessed value in any year pursuant to the act of May 22, 1933 (P.L. 853, No. 155), known as The General County Assessment Law.  2

“Holder.”  The term includes the following:

“Restricted farmland market value.”  The fair market value of farmland that has been restricted by an agricultural conservation easement, thus limiting the highest and best use of the land to agricultural purposes.

“Third-party right of enforcement.”  A right provided in an agricultural conservation easement in order to enforce any of its terms granted to either:

which, although eligible to be a holder, is not a holder.