On Tuesday, May 2, 2017, the Ohio House passed their version of the State Budget (Sub. HB 49) which contains significant reforms to the Current Agricultural Use Valuation (CAUV) Law. Ted Finnarn, an attorney for Ohio Farmers Union and a long-time member of the Ohio Tax Department’s CAUV Agricultural Advisory Committee, stated, “We testified quite a few times in the Ohio Senate hearings on the CAUV bill (SB 36) which had many of the same features now contained in the House Budget Bill. What the House is proposing will return the CAUV calculations to more reasonable values and allow conservation acres to be taxed at lower rates since these acres do not produce any crops.”
Finnarn went on to say that “the interest capitalization rate used in the formula will be modified to lessen the influence of non-farm factors by increasing the holding period from 5 to 25 years. These changes resulting in lower CAUV values will be phased in over two re-evaluation cycles (6 years), so that they do not cause any dramatic impacts to local governments and schools.”
Other information and other direct quotes can be obtained from Ted Finnarn at 937.548.3240 or 937.417.4104.
No comments:
Post a Comment