Owners of farmland, pastureland or timberland that is producing agricultural products, livestock or wood products for sale to the general public may apply for current use exemption. This exemption allows for property to be assessed at less than market value when used only for the purposes specified. Any owner of eligible property must make a formal application to the Revenue Commissioner's Office if he/she wishes to claim current use. The current use application may be obtained from the Revenue Commissioner's Office at any time of the year, but under the law it must be filed with the Revenue Commissioner's Office on or after October 1, but no later than December 31, for the following tax year. After current use has been granted, the owner who made application for current use does not have to re-apply for subsequent years. However, if the property changes hands, the new owner will have to file an application for current use or his or her taxes will be based on fair market value rather than current use values.