15:37
it just feels like I left before the WL or R, feels fake as hell. I guess I'll put withdraw on it
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Simple English definitions for legal terms
special-use valuation
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A quick definition of special-use valuation:
Special-use valuation is a process of determining the value of a property, especially farmland, in an estate. It allows the executor to value the property at its current use instead of its highest potential value. This helps in reducing the tax burden on the estate.
A more thorough explanation:
Definition: Special-use valuation is the process of valuing real property, such as farmland, at its current use rather than its highest potential value. It is an option available to executors of an estate for tax purposes.
Example: Let's say a farmer passes away and leaves behind a large piece of farmland. The executor of the estate can choose to value the land based on its current use as farmland, rather than its potential value as a commercial or residential development. This can result in a lower tax bill for the estate.
Explanation: Special-use valuation allows for a more realistic and fair assessment of the value of certain types of property, such as farmland, that may not be used to their highest potential. By valuing the property based on its current use, rather than its potential use, the tax burden on the estate can be reduced. This can be especially helpful for family-owned farms that may not have the resources to pay high estate taxes.