Agricultural Assessments
The 2009 assessment also brings a new calculation, known as the Agricultural Building Factor, into agricultural valuations. The IDR is requiring the implementation of this factor which will reduce farm outbuilding assessments by 8%. This 8% reduction in outbuilding assessments, coupled with a required 34% overall increase, will mean that agricultural land assessments will be increased by 47%.
Although this is a large increase, it is the 5th lowest in the state. Some counties will have overall increases in excess of 70%. Click here to see a state map with the required changes. These large increases will be offset by a large jump in the agricultural rollback. The rollback is scheduled to limit these large assessed value increases to 4% growth in taxable value. It is estimated that the rollback will drop from its current 94% to 66%. Our 47% increase on land and 8% reduction on outbuilding combined with the roll back will have the end result of a 3% increase in taxable value for land and a 35% reduction in outbuilding taxable value. .