Governor Mike Pence today signed SEA 319, the first piece of legislation he has signed into law.
The bill prevents an estimated $57 million property tax increase on Hoosier farmers by delaying the use of new soil productivity factors in farmland assessment until the Department of Local Government Finance (DLGF) and the Purdue University College of Agriculture complete a study on the process.
The legislation, sponsored by State Senator Jean Leising (R-Oldenburg), passed unanimously in both the Indiana House and Senate.
In recent years, the DLGF requested and received new soil productivity factors from the United States Department of Agriculture. The proposed new soil productivity factors used for farmland assessment in Indiana could have caused an estimated 25 percent average increase in property tax payments for Indiana's farmers, dependent on the county in which they live.
"Indiana is agriculture, and Lt. Governor Ellspermann and I appreciate the General Assembly's bipartisan effort to quickly pass this critical piece of legislation to help Hoosier farmers," said Governor Mike Pence. "It was a privilege for us to provide tax relief for family farmers in the very first bill we signed into law."
Governor Mike Pence signs SEA 319, the first piece of legislation he has signed into law, which prevents a $57 million property tax increase on Hoosier farmers.