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Southern Indiana | I leave my property tax statements on my desk for awhile while working up the nerve to look. In my opinion when Indiana went from a cost system to "fair market value" system several years ago it was a big mistake. Everyone said "but it will be fair". It will also be unaffordable, especially for farmers who own a lot of land. The farm I bought in 87 for $800/acre is now worth $4800 and I'm pretty sure I'm not making 6x as much income from it. The legislature stepped in and changed the school funding formula with the state taking over some of the funding which helped lower the property tax, but of course that puts pressure on the state income tax.
The bottom line is the guy living in a $600,000 house can afford his property tax bill a lot better than a farmer with 100 acres worth 600,000. | |
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Indiana Farmers-Property Tax
