Water Resources and Agriculture Review Committee. The bill broadens the definition of "ranch" for purposes of property taxation to mean a parcel of land that is predominantly used for grazing livestock for the primary purpose of obtaining a monetary profit. A ranch must operate through a pasture-based operation, which is newly defined as a method of livestock management where pasture-grazed livestock have regular access to open pasture and derive a majority of their diet through grazing.The bill also broadens the definition of "farm" for purposes of property taxation to mirror the predominant use language in the definition of "ranch". With this change, a farm means a parcel of land that is predominantly used to produce agricultural products that originate from the land's productivity for the primary purpose of obtaining a monetary profit.(Note: This summary applies to this bill as introduced.)