STATEHOUSE (April 8, 2016) — Gov. Mike Pence signed into law today legislation co-sponsored by State Rep. Jeff Thompson (R-Lizton), which would significantly decrease the property tax burden on Hoosier farmers.
Senate Enrolled Act (SEA) 308 permanently eliminates the use of the U.S. Department of Agriculture’s new soil productivity factors, uses the most recent data available to determine the base rate for farmland assessment and changes the tax formula to limit annual increases in assessed value.
“Indiana agriculture is a critical part of our economy, generating more than $44 billion annually and supporting nearly 190,000 jobs,” Thompson said. “This new law will provide stability and relief to the many farmers who have seen large increases in their property taxes over the last few years. It is important that the legislature continues to find ways to support this industry and the Hoosiers who contribute to it.”
Visit iga.in.gov for more information about this new law.
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State Rep. Jeff Thompson serves as K-12 Subcommittee Chairman of the Ways and Means Committee. He also serves on the Elections and Apportionment Committee and the Education Committee. Thompson represents portions of Hendricks and Boone counties.
