Farmers May See Tax Increases

Farm­ers here in north­west Ohio may soon find them­selves hit with a big tax bill. The Bryan Times reports, it’s all because of a com­plex for­mula, called Cur­rent Agri­cul­tural Use Value, that was orig­i­nally designed to save farm­ers money on their taxes. It was orig­i­nally set up back in the 1970’s, and fac­tors in such things as soil type, mar­ket prices of crops, and inter­est rates to make sure the land is taxed at a fair rate as farm­land. Until now, it’s worked out pretty well for farm­ers. But now, because the value of some crops is increas­ing, while inter­est rates remain low, land val­ues are ris­ing, and that is caus­ing a rise in tax val­ues. If crop prices stayed sta­ble, it would prob­a­bly all work out. Unfor­tu­nately, that usu­ally isn’t the case. The ohio Farm Bureau Fed­er­a­tion is still how­ever, back­ing the for­mula, say­ing that it has worked pretty well for the past 40 years, and when every­thing sta­blizes, it will still be the best thing for farm­ers. They do admit how­ever, that in the interim, some farm­ers are going to get hit with very high, and unex­pected tax bills. The Farm Bureau hopes that changes can be made by the end of the year, so that they will affect taxes paid in 2016.

Check Also

Gonzales Is Out

One of the 10 House Republicans who voted to impeach former President Donald Trump for …