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Friday, January 29, 2016

Missouri lawmakers block higher taxes on some farmland - Washington Times

Missouri lawmakers block higher taxes on some farmland - Washington Times: Missouri lawmakers on Thursday blocked a plan that would have raised taxes on the state’s most valuable farmland.

Property taxes on Missouri farms are based on their productive value - the amount of money they’re expected to generate from agriculture - instead of market value. The best land is deemed Grade 1, and the worst is Grade 8. The Missouri Tax Commission voted in December to raise productivity values by 5 percent on land in the top four grades for the 2017 and 2018 tax years.