• Farmland tax should be on the rise

    by  • July 26, 2013 • News • 0 Comments

    Opening the property tax bill is going to be less fun than ever for many southern Illinois farmland owners over the next several years.

    Governor Pat Quinn has signed into law a bill touted as an update of assessment procedures. Now, more profit-producing land in northern Illinois may be worth three or four times as much as land in the south.

    According to Brenda Matherly, assistant director of local government for the Illinois Farm Bureau, back in 1986, an amendment was passed that put in a 10 percent limit on how assessment grows from year to year.

    She says that over the years, the 10 percent limit has compounded, and has artificially held lower-producing soils to a very low assessed value, while the higher-producing soils are exploding by 10 percent.

     

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