Proposal to prompt higher property taxes for farms
Mon, 10 Mar 2014 17:41:05 GMT —
Missouri farmers will get a larger property tax bill for their land starting in 2015.
Property tax for agricultural land is based on its productive value. Farms are divided into eight groups based upon land quality, with the best in Grade 1 and the worst in Grade 8.
The Missouri Tax Commission has recommended increasing the productive values for all farms by about 5 percent. State lawmakers' deadline to reject that proposal was this past weekend. It means the new values will be in place for the 2015 and 2016 tax years.
The tax commission estimates the change will mean about 10 cents more tax per acre. The commission says the last change in productive values took effect in 1995.