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Advisor

Rising Property taxes - a sign of the times?

A brief look at my property tax statements shows an annual increase between 11.29 and 14.65%.  My residential property declined between -1.35 and -17.20%, depending on their value at the time.  In other words, non-tarm residential values declined while farmland increased.  No surprise there. 

 

In our state, the governor successfully passed legislation that will eventually eliminate corporate income taxes, plus he cut state spending on education by a large margin, forcing local governmental agencies and school districts to scramble for more sources of revenue.  In short, farmland is taking the hit for nearly all of that shortfall, plus for the increased value of the land itself. 

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Frequent Contributor

Re: Rising Property taxes - a sign of the times?

I don't  know where you are, but it sounds just like Kansas.

 

Almost all the states that have elected these conservative Republican governors now find them singing in unison from the ALEC songsheet:  blame shortfalls on the employee unions, eliminate (or drastically reduce) the state income taxes--especially corporate income taxes, cut funding for social services, reduce funding to Universities, and reduce state aid to local education.

 

Local property owners including elderly homeowners and farmland owners are getting saddled with an increasing share of the burden.  And rural, traditionally conservative farmers and landowners continue to vote for these guys.

 

Another of life's little mysteries.              KenJ

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Honored Advisor

Re: Rising Property taxes - a sign of the times?

Our residential properties decreased considerably on the 2012 revaluation, as you noted, which lowered our taxes in 2013. They had spiked in 2008, so we paid taxes on values that simply weren't there for four years. Taxes on our farmland values are deferred until it leaves family hands...factored by productivity in two different ways in two different states.

I expected land values to rise, which they did do...but, the deferrals kept the tax burden level.
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