This session, the Indiana General Assembly aimed to further strengthen our agriculture industry and provide relief to farmers across the state. The farming sector plays a vital role in our economy and I am pleased that we were able to continue to support family farms in Indiana.
When Hoosier farmers began experiencing steep increases in their property tax bills, lawmakers needed to act to determine the cause and find a permanent solution to alleviate this burden. In the recently concluded session, policymakers enacted a law modernizing the farmland assessment formula. The legislation is expected to save Hoosier farmers about $175 million dollars in property taxes over the next four years.
The new formula shortens the delay between crop income data in the tax formula from four to two years, allowing the data used in the formula to more accurately reflect the current market conditions. It also provides a floating capitalization rate from 6 to 8 percent, depending on the base rate calculation. Furthermore, our legislation freezes the soil productivity factors at the 2011 levels. Since farmers have seen the largest increases in property taxes over the last few years, the modified formula and frozen soil productivity factors will provide stability and relief to many Hoosiers.
The Kathryn Meyer family from Spencer County was recently honored at the Statehouse for their designation as a Hoosier Homestead Award recipient and 100 years of family farm ownership. The Hoosier Homestead Award Program recognizes farms that have been owned and maintained by the same family for 100 years or more. The Meyer Farm has been in operation since 1908.
Indiana’s agricultural industry is a critical part of our economy, generating more than $44 billion annually and providing nearly 190,000 jobs. Supporting our farmers and the industry remains a top priority for House Republicans.
Please contact me with questions or input at 317-232-9793 or by email at email@example.com. You can also learn more about the work being done on your behalf by signing up to receive my email updates at www.in.gov/h74.
Rep. Arnold (R-Leavenworth) represents portions of Spencer, Dubois, Perry, Crawford and Orange counties.