A bill to amend the Act of June 22, 1948.
This bill amends the Thye-Blatnik Act of June 22, 1948 (the act cited as the basis for Section 5), changing how appraised values are determined for the purposes the act governs. Specifically, it replaces the current standard phrase “the fair appraised value of such” with “the highest fair appraised value, including historical fair appraised values, as determined by the Secretary of Agriculture in accordance with this section, of such.” In plain terms, when valuing property or assets under the act, the valuation would be based on the highest fair value available, taking into account past (historical) appraisals, as determined by the Secretary of Agriculture. This could potentially raise the value used in program decisions (such as loans, payments, or property-related transactions) compared with what would have been used under the previous standard. The bill was introduced in the Senate on February 19, 2025, by Senators Smith and Klobuchar and referred to the Committee on Agriculture, Nutrition, and Forestry. It does not specify other changes or funding, and the full impact would depend on how the act is implemented and how often historical valuations influence current appraisals.
Key Points
- 1Replaces the appraisal standard from “fair appraised value” to “highest fair appraised value, including historical fair appraised values.”
- 2The highest value must be determined by the Secretary of Agriculture in accordance with Section 5 of the Thye-Blatnik Act.
- 3Explicitly includes consideration of historical appraisal values in determining the current appraisal.
- 4The change affects only the appraisal process under Section 5 of the Thye-Blatnik Act (as codified at 16 U.S.C. 577g).
- 5The bill is in the introduction stage in the 119th Congress, with Senators Smith and Klobuchar as sponsors and referral to the Senate Committee on Agriculture, Nutrition, and Forestry.