Taxes on Ohio farmland to jump this year - Cincinnati News, FOX19-WXIX TV

Taxes on Ohio farmland to jump this year

Ohio farmers should expect a higher bill come tax day as a state department says their land is more valuable.

The Columbus Dispatch reports that the Ohio Department of Taxation has increased the value of farmland to reflect rising agricultural incomes.

Ohio farmers pulled in $7.9 billion last year, and that total is expected to rise this year. Corn prices have jumped 43 percent since 2008, while soybean prices have increased 39 percent in the same period.

Farmers pay taxes based on a 2008 average tax value of $249 per acre, which jumped 181 percent to a 2011 average of $700 an acre.

The jump in farm value usually means higher property taxes for farmers, but by how much is uncertain until the tax bill comes in December.

Copyright 2011 by The Associated Press. All Rights Reserved.

Powered by Frankly