“This bill is being fast tracked because of its important to many Hoosiers,” said Rep. Ron Bacon (R-Chandler). “I am very pleased that so many legislators have come together to make it easier for the Indiana Farm bureau to complete their study with the most accurate of results. It is important not only to complete the study, but to complete the study correctly.”
SB 319 provides that the soil productivity factors that were used for the March 1, 2011 assessment of agricultural land must be used for the March 1, 2013 assessment date. Each farmland assessment begins with the base rate per acre. The base rate is then adjusted by the soil productivity factor and influence factors to calculate the assessed value for the land.
“We are really appreciative of those individuals who got this bill to the Senate in a hurry and to the House for now fast tracking it,” said Indiana Farm Bureau tax and local government specialist Katrina Hall. “This is an issue our members have been facing and we appreciate the efforts to delay this for one more year to access it more generally.”
SB 319 also establishes an interim study committee to study agriculture property tax issues.
To stay up-to-date on this bill and any other piece of legislation in the General Assembly, visit www.in.gov/legislative.