With the increase in land values released last week, the impact is has on the county is minimal. Washington County Assessor Lil Perry says property tax for farm land is not based off market value. Instead, she says, the county uses the productivity and net earning capacity value.
This formula has been used since 1979. Perry adds agricultural income as reflected by production, prices, expenses and various local conditions are also considered.
She notes farmers who own land in Iowa fare better than farmers in Nebraska where property is assessed at the market value.
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