Transfer of agricultural land used for agricultural purpose to an individual may apply for non-taxable status of land value increment tax.
If the transferee of the aforesaid land during his ownership failed to use the land for agricultural purpose as found by the competent authority and failed to resume farming before the deadline set by the competent authority or had complied with the order of the competent authority but subsequently failed again, land value increment tax shall be imposed at the time of subsequent transfer.
For tax purpose, the situation of the land transferee failing to use the land for agricultural purpose as described in the preceding paragraph and the situation where land is bestowed to a spouse shall be taken into consideration in the assessment of land value increment tax at the same time.
When the first-time transfer of agricultural land for agricultural purpose after this Act is amended on January 6, 2000 or subsequent transfer of land not subject to land value increment tax pursuant to the first paragraph hereof should be levied land value increment tax according to law, the total incremental value used to assess the tax shall be based on the assessed present value of land on January 6, 2000.
Subsequent to the promulgation of the amended Act on January 6, 2000, when agricultural land that has been levied land value increment tax is transferred again and becomes subject to land value increment tax, the total incremental value used to assess the tax shall be based on the latest transfer value of the land approved for assessment of land value increment tax, and the provisions of the preceding paragraph do not apply.