Cheaper food just around the corner - Thanks General Assembly!

[PistolBob]

Farmers across Indiana would get a big property tax cut under legislation moving through the General Assembly that would reduce their assessed land values an estimated $4.2 billion for taxes paid in 2018 and $8.9 billion for 2019.

Cheaper food is a good thing...right?

Pile on the discounts!....er I mean SUBSIDY

 

[Shadow8088]

So... what's getting cut to pay for those lower taxes?

 

[IndyDave1776]

If we really wanted to be right and proper, we would eliminate property tax altogether and adjust the income tax accordingly. When property taxes were invented, they were de facto income taxes given that you your income generally was tied directly to either your farm or facility of production, such that the more acreage a farmer had or the more factory a manufacturer had, the more income he had. Those days are gone, most people's homes generate no revenue for the owner whatsoever, and it is simply inexcusable to have a tax in order to retain ownership of what you have already bought with money that was already taxed.

 

[17 squirrel]

If we really wanted to be right and proper, we would eliminate property tax altogether and adjust the income tax accordingly. When property taxes were invented, they were de facto income taxes given that you your income generally was tied directly to either your farm or facility of production, such that the more acreage a farmer had or the more factory a manufacturer had, the more income he had. Those days are gone, most people's homes generate no revenue for the owner whatsoever, and it is simply inexcusable to have a tax in order to retain ownership of what you have already bought with money that was already taxed.

I fully agree..

 

[snorko]

Farmer in the article has 185 acres of land in Hamilton County on which he pays $8,000 in taxes. Anyone want to guess how low of an effective rate that is?

 

[Fargo]

Farmer in the article has 185 acres of land in Hamilton County on which he pays $8,000 in taxes. Anyone want to guess how low of an effective rate that is?

Is it near Westfield or Sheridan? How much is floodplain? Hamilton co can vary pretty wildly from south to north.

 

[17 squirrel]

Farmers across Indiana would get a big property tax cut under legislation moving through the General Assembly that would reduce their assessed land values an estimated $4.2 billion for taxes paid in 2018 and $8.9 billion for 2019.

Cheaper food is a good thing...right?

Pile on the discounts!....er I mean SUBSIDY

Yea ME ,... YEA ME.... Well wait a minute, I own residential property also.. Maybe it's not yea me... Tell me this Bob, like Mr Wood states in you post, what services do my potato, pepper and tomato plants use of the available county resources that are available ??? Can veggies learn to read ? Swim at the County Pool ? Go to school ? Get free fertilizer I mean free breakfasts and lunches. Some of my peppers dial 911 but normally its after they have been eaten. Agg land doesn't add to the local jail population, nor added rolls to the unemployed or homeless.... I can go on and on..

 

[snorko]

Farmer in the article has 185 acres of land in Hamilton County on which he pays $8,000 in taxes. Anyone want to guess how low of an effective rate that is?

Is it near Westfield or Sheridan? How much is floodplain? Hamilton co can vary pretty wildly from south to north.

Well the Purdue June 2015 survey showed average cropland at about $8,600 and poor cropland at around $6,500. So either way he's paying 0.5% to 0.67% in taxes.

this is in no way a defense of the process. I would be all for increasing the income tax by 140% to offset the elimination of RE taxes.

 

[PistolBob]

Property taxes are theft. I'd like to see them end. Being thrown off your property because you can't give extortion to the state is ridiculous. I'd rather pay more in income or sales tax than have any property taxes.

 

[patience0830]

Property taxes are theft. I'd like to see them end. Being thrown off your property because you can't give extortion to the state is ridiculous. I'd rather pay more in income or sales tax than have any property taxes.

People without land disagree. Especially people with no prospects of ever getting land .

And they probably outnumber land owners. You'd better be wonderfully persuasive.

This is why we tax the landowners.

 

[PistolBob]

People without land disagree. Especially people with no prospects of ever getting land .

And they probably outnumber land owners. You'd better be wonderfully persuasive.

This is why we tax the landowners.

You pay property taxes with every rent check you write. No one is exempt from it. Just churches and certain businesses.

 

[PistolBob]

Not why sure this posted twice

 

[IndyDave1776]

You pay property taxes with every rent check you write. No one is exempt from it. Just churches and certain businesses.

This is true, but most people who don't cut a check direct to the county twice a year are too damned stupid to understand.

 

[phylodog]

I'm sure this has absolutely nothing to do with wealthy investors snatching up all of the farmland they can get their hands on. Nothing at all. This is undoubtedly designed to assist the working man.

 

[IndyDave1776]

I'm sure this has absolutely nothing to do with wealthy investors snatching up all of the farmland they can get their hands on. Nothing at all. This is undoubtedly designed to assist the working man.

I can see that you truly believe this with every fiber of your heart!

 

[wagyu52]

I'm sure this has absolutely nothing to do with wealthy investors snatching up all of the farmland they can get their hands on. Nothing at all. This is undoubtedly designed to assist the working man.

Yup, all curtsy of the 1031 tax exchange program from your neigbor hood IRS. Hard to compete aginst tax free money from ground sold by the foot in Marion county.

 

[IndyDave1776]

Yup, all curtsy of the 1031 tax exchange program from your neigbor hood IRS. Hard to compete aginst tax free money from ground sold by the foot in Marion county.

Could you be persuaded to elaborate on this for the non-accounts among us (including Yours Truly)?

 

[hoosierdoc]

Why do you think That lowering a farmers property tax will lead to decreased commodity prices?

 

[IndyDave1776]

If food products were priced on a basis of cost plus a markup, a reduction in cost would seem reasonable. Given that the flippers are the ones making the money and skinning both the source and the end user, it just isn't going to happen. I can remember 20 years ago when hog prices dropped so low that farmers came out a head killing their hogs rather than spending the fuel to haul them to market, but you sure as hell didn't see pork prices drop at the store.

 

[shaneman1966]

I have never understood being taxed every year, on property I already own. If taxes aren't paid, you lose the property. This just means you never actually own the property. Once I pay for something, it should be mine, without having to pay additionally every year.