TODAY IS Friday July 28th
Hite Announces Senate Passage of Tax Reforms
Friday May 12, 2017 4:28pm
Columbus, OH
By: Elijah Thiess
Senator Cliff Hite announced the passage of legislation on Thursday in the Ohio Senate aimed at updating the way agricultural property values are calculated in order to alleviate the financial burden on Ohio's farmers.
Senate Bill 36 helps ensure that the taxes paid by farmers are more closely tied to the income producing potential of the land.
Hite says the bill removes land value appreciation and equity buildup, which are two factors in the existing formula that arbitrarily inflate the value of farmland based on market considerations.
Senate Bill 36 passed the Senate with unanimous support and will now go to the House of Representatives for further consideration.
By: Elijah Thiess
Senator Cliff Hite announced the passage of legislation on Thursday in the Ohio Senate aimed at updating the way agricultural property values are calculated in order to alleviate the financial burden on Ohio's farmers.
Senate Bill 36 helps ensure that the taxes paid by farmers are more closely tied to the income producing potential of the land.
Hite says the bill removes land value appreciation and equity buildup, which are two factors in the existing formula that arbitrarily inflate the value of farmland based on market considerations.
Senate Bill 36 passed the Senate with unanimous support and will now go to the House of Representatives for further consideration.
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