[R53] Tax relief for Hoosier farmers signed into law (2/27/2013)

Wednesday, February 27, 2013

Start Date: 2/27/2013 Start Time: 12:00 AM
End Date: 2/27/2013 End Time: 11:59 PM

STATEHOUSE — Legislation co-sponsored by State Representative Bob Cherry (R-Greenfield) assisting Hoosier farmers was signed into law today by Gov. Pence. This is the first piece of legislation to be signed in the 2013 legislative session.

Senate Enrolled Act (SEA) 319 was fastā€tracked through the House in order to prevent an estimated tax increase of $57 million for farmland across the state.

The soil productivity factors used for the March 2011 assessment of agricultural land will remain in place for property taxes payable in 2014, and the new soil productivity factors will not be used until 2015.

“Farmland has experienced the largest property tax increase of any type of land since 2007, so the promptness of passing SEA 319 was essential,” said Rep. Cherry. “The recent drought has caused a drop in the quality of Indiana farmland, and certainly a drop in their revenue. Times are tough for Hoosier Farmers, and this bill will help make it a bit easier.”

SEA 319 also requires the Department of Local Government Finance, with the Purdue College of Agriculture, to submit proposed soil productivity factors to be used going forward by Nov. 1, 2013 to the Commission on State Tax and Financing Policy.

SEA 319 will go into effect on March 1, 2013.