Legislation co-sponsored by State Representative Woody Burton assisting Hoosier farmers was signed into law today by Gov. Pence. This is the first piece of legislation to be signed in the 2013 legislative session.
Senate Enrolled Act (SEA) 319 was fast‐tracked through the House in order to prevent an estimated tax increase of $57 million for farmland across the state.
“Providing tax relief to Hoosier farmers was the intent behind this law,” said Rep. Burton. “Since farmland has experienced the largest property tax increase of all land since 2007, it was essential that we take action to lessen the burden.”
The soil productivity factors used for the March 2011 assessment of agricultural land will remain in place for property taxes payable in 2014, and the new soil productivity factors will not be used until 2015.
SEA 319 also requires the Department of Local Government Finance, with the Purdue College of Agriculture, to submit proposed soil productivity factors to be used going forward by Nov. 1, 2013 to the Commission on State Tax and Financing Policy.
SEA 319 will go into effect on March 1, 2013.
