Property tax reform is one of the top priorities for your state lawmakers in 2025. That’s why State Rep. Kendell Culp (R-District 16) has written a bill that would lower the property tax burden on farmland owners by changing the way your county assessors calculate the value of farmland.
“[Within] the last three years, agriculture’s assessed value has gone up 63 percent. No other taxing group has taken that kind of an increase,” says Culp, who has introduced House Bill 1192, which makes changes to the calculation for farmland assessments.
“It’s a Purdue formula that takes into account commodity prices, cash rents, input expenses, and interest rates. Basically, what I’ve done is change the interest rate—currently, they use an interest rate or capitalization rate of eight percent. [This formula] would take it to ten percent,” says Culp…