Property Taxes on Farmland Set to Rise Next Year
JEFFERSON CITY, Mo. (AP) - Missouri farmers will get a larger property tax bill next year under a plan state lawmakers are allowing to take effect.
Property taxes paid for Missouri farms are based on the land’s productive value rather than its market value. The Missouri State Tax Commission recommended increasing productive values by 5 percent, and state lawmakers’ deadline for rejecting the proposal was this past weekend. That means the new productive values will take effect for the 2015 and 2016 tax years.