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Farmland Tax Plan Nears Final Details In Illinois
Mary Ann McNulty reports that legislators and farm groups including Farm Bureau and Farm Alliance will meet to finalize a plan revising farmland assessments. The proposal would set assessed value at 33.3 percent of agricultural economic value, use net return and a land rent factor, cap annual changes at 30 dollars, and create local boards plus a five member advisory committee. Critics say current law is uneven and inflationary aspects of cash market value are problematic.
MENTIONED IN THIS ARTICLE
Mary Ann McNulty
Springfield
Farm Bureau
Farm Alliance
Senate House Committee
Federal Land Bank
Ture Movement
Rowe
Department of Revenue
General Assembly