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Friday, April 08, 2016

Farm Bureau Applauds Overhaul of Farmland Tax Formula | 93.1 WIBC

Farm Bureau Applauds Overhaul of Farmland Tax Formula | 93.1 WIBC: Farm groups are applauding a tax change they say will make their bills more predictable.

Farmland's tax value is calculated based on how productive the land was. But the state uses four-year-old figures. That means farmers are paying based on prices double what they're earning now.

The bill signed into law last month cuts the lag to two years. Indiana Farm Bureau president Randy Kron says that's the most recent information available. The bill authored by Senate Tax and Fiscal Policy Chairman Brandt Hershman (R-Buck Creek) also guarantees increases in the base tax rate will stay in a range of 6-8%, depending on how good a year the grain markets have.