Proposed increases in the productive value of the est 35 percent of Missouri’s farmland appear likely to be rejected by the legislature for another two years.
Agriculture land is assessed on the basis of its productive value, unlike regular property valuations. Every two years the state tax commission recommends values on eight grades of soils. But the legislature can pass resolutions blocking the increses.
The commission has recommended eight percent increases in the top four categories of farmland. The valuations are still below what they were thirty years ago.
Opponents say this is a bad time to increase taxes by 29-cents an acre on the state’s most productive land.
The legislature has to act to deny the increases within sixty calendar days after the start of the legislative session. The resolutions have to be passed by March 4th or the higher rates go into effect for the tax years 2013 and 2014.