New Information from Ohio Department of Taxation Regarding Farm Land Values

The Ohio Department of Taxation has released new farm land values. They are also hearing concerns from the public regarding a program supported as valuable for Ohio Farmers.

More information on this matter will be available soon and H&M is committed to keeping our clients and partners updated. In the meantime, the DOT’s most recent press release on the matter can be read below:

From the Ohio Department of Taxation:

Ohio Farm Land Values Released, and Concerns Expressed at Hearing Today

For Immediate Release

May 28, 2015

The Ohio Department of Taxation today released Current Agricultural Use Values (CAUV) for tax year 2015 and took testimony from the public at a hearing in Columbus.

Among those providing comments were the Ohio Farm Bureau Federation, the Ohio Farmers Union and members of the Agricultural Advisory Committee.

The values released today will impact property taxes paid next year in the 24 counties undergoing triennial appraisal or update this year.

According to the department, the average CAUV per acre in 2015 in Ohio is $1,388 which is 17 percent less than the 2014 valuation of $1,668. The department made changes, as suggested by the Farm Bureau, which resulted in lower CAUV values.

Ohio Tax Commissioner Joe Testa said the department has heard and responded to concerns about agricultural land values but says the benefits of the CAUV program should not be forgotten.

“I am certainly aware that there are some farmers and farm land owners facing tax increases but believe the factors impacting land values are moving in a favorable direction for the agriculture industry in Ohio,” Testa said. “The CAUV remains a very valuable program for Ohio’s farmers which results in significant property tax reductions when compared to land not being used for agriculture.”

The 2014 CAUV value is 52 percent of the statewide average market value as determined by Ohio county auditors and is well below average U.S. Department of Agriculture (USDA) values. In 2014, the average Ohio CAUV was $1,688 an acre, compare with the USDA value of $5,650 an acre.

The department will continue to monitor the situation to ensure that Ohio farmland use values are accurately an fairly determined in accordance with the Ohio Constitution and state laws.