This measure expanded certain property tax exemptions provided for agricultural equipment and certain farm products:

to allow any entity that is a merger of two or more family-owned farms to qualify for the exemption; and
to extend the exemption to include dairy products and eggs.
The agricultural equipment exemption applies to farm tractors, combines, and all other farm equipment (except for motor vehicles) that are owned or held under a lease-purchase
agreement by a family farm entity that are directly used for the production of farm products.

Going into the election, the farm products exemption applied to livestock, crops, fruit, nut-bearing trees, bushes, and plants; annual and perennial plants; Christmas trees; and plants or trees grown in nurseries to be planted elsewhere.

Family farm entities under the measure mean an "entity that has derived 80 percent or more of its gross income from bona fide agricultural uses within this state within the year immediately preceding the year in which the exemption" is sought. Such entities may be organized as a family corporation, a family partnership, a family general partnership, a family limited partnership, a family limited corporation, or a family limited liability company, in which all interest is owned by one or more citizens that are related to each other within the ''fourth-degree of civil reckoning''