Per the Iowa Code 441.21, agricultural property is to be assessed based on it’s [agricultural] “productivity and net earning capacity”.
Per Iowa Administrative Code 701-71.1 (3), (for assessment and property taxation purposes), the classification of agricultural real estate does not include recreational or hobby farming, recreational or hobby gardening, nor the keeping of livestock for personal, recreational, or hobby purposes.
Therefore, for assessment purposes, four key phrases from Iowa law are used when determining if a property qualifies for agricultural classification, and in this order: