Taxable Value of Ag Land Could Rise
Agricultural land could see a tax increase. The Senate Agriculture and Natural Resources Committee passed a bill placing new caps on a land's total taxable value. Last legislative session, lawmakers issued ten percent caps on agricultural land. However, the actual value was improperly assessed. The new law separates the caps into three tiers. There is a 15 percent tax if the county is less than thirty percent from its full income value, a 20 percent tax if it's between 30 and 50 percent, and 25 percent tax if it is above 50 percent of its income value. Republican Senator Larry Rhoden presented the measure. He says the new caps provide fair taxation.
"It's not about tax increase, it's about tax fairness. It's about equalizing, bring a class of property, or two classes of property to their full production value," Senator Rhoden says.
No one opposed the bill. It is debated next on the Senate floor.
By Travis Berg
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