Farm property is a property tax classification for land and buildings used for agricultural purposes. This classification typically carries lower tax rates than residential, commercial, or industrial property, reflecting policy decisions to support agriculture and preserve farmland. Qualifying farm property generally must meet criteria including minimum size, agricultural activity, and sometimes income requirements. Classification includes not just farmland but also buildings used for farming operations—barns, silos, equipment storage, and farm residences (though residential portions may be taxed at regular rates). Provincial legislation defines farm property classification and sets parameters for municipal taxation. The farm property classification becomes contentious when land owners claim agricultural status for properties that aren't genuinely farmed, or when farmland near cities rapidly increases in value due to development potential while continuing to receive preferential tax treatment.