The state tax commission’s recommendation that the productive value of the four best qualities of Missouri farm land be increased by eight percent for the next two taxable years has been overridden by the Missouri legislature.
Missouri farmland, unlike residential and commercial property, is taxed on the basis of its productive value. The state tax commission reviews the rate every two years. The legislature has the power to override the recommendation and has refused to let any increases go into effect since the mid-90s.
The House rejected the proposal last week. Today the senate followed suit although several urban senators questioned the fairness of the system.