Update Being Considered For Assessing Illinois Farmland

illinois farmlandA 1970s-era method of assessing farmland in Illinois is in need of an update, according to a top budget-making lawmaker. State Representative Frank Mautino of Spring Valley wants to accelerate the rate at which the assessed value for lower-quality soil grows. The result, he says, is that Southern Illinois farmland owners would be paying more in property taxes sooner. He says the market value for an acre of farmland in his Northern Illinois district is probably three or four times that in the south.
At a hearing for lawmakers on the Illinois House Revenue and Finance Committee, representatives of the Illinois Department of Revenue and the Illinois Farm Bureau said the assessment model moved away from market values in the 1970s. House Bill 2651 is being held in the Rules Committee.