Press release and staff report
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The Ohio Farm Bureau says recent changes in farmland evaluations will result in lower increases on tax bills for the state’s farmers and ag producers.
The Ohio Department of Taxation will enact administrative changes to the Current Agricultural Use Value formula that were proposed by the Ohio Farm Bureau Federation. The CAUV has resulted in tax rates for farmland that have doubled or in some cases tripled this year.
The changes will more closely tie tax values to current economic conditions in agriculture and more accurately value woodlands. The changes will lower valuations in counties being reassessed in 2015 which will affect 2016 tax bills.
Tax bills are still likely to increase but not at the rate once projected.