MO farm tax rates frozen through 2008
Jefferson City, MO – The tax value of Missouri farmland will stay the same for at least three more years.
The Missouri State Tax Commission voted this week to keep farmland productivity values at current levels for 2007 and 2008.
Agricultural property in Missouri is taxed based on factors like crop yields and production costs that are used to determine the land's value. That's different from how homes and businesses are taxed, which is based on the potential sales price.
Researchers at the University of Missouri told the tax commission this week the farm rates should remain frozen because this year's dry weather and high fuel costs cut deeply into farmers' ability to wring money from their land.
Missouri hasn't raised farmland productivity values since 1995.