By: Diane Benjamin
The video below is from the McLean County Finance Committee meeting on May 8th.
The price of farmland has risen dramatically since the early 2000’s. Statutes cap property tax increases at 10% a year which means the economic value of the land is higher than it is being taxed.
With high interest rates farmland values have been decreasing, but property taxes will continue to increase 10% a year until the value matches the taxes.
Just hit play to hear the Chief County Assessment Officer, Timothy Jorczak, explain it:
Well with all the ESC projects, PPP that they did not have to pay back and backing and windmills and CO2 projects and eco and social engineering projects most farmers in the county and land value increases they should be able to handle it. Farm expenses increased am sure but assets and income sources for many increased dramatically.
Odd area and no surprise. The whole system needs to crash like it should have during Covid and when officially Bankrupt. Now country is too.
Universities, shady industry and political projects run this state and the big orgs and “clubs” like IFB are making the state even worse. Welcome to China architecture McLean Co.
Land of once real people and farmers…now political puppets.
A shame.
You can add a state equilaziton adjustment to rising taxes. That added 13% a few years ago. Rent on class A farm ground only pays 2.5% after taxes. Crops are presently the major export America. Will not be good when we cause cost to price us out of that market. Americans purchasing good from China, are promoting them to buy farm ground. This is driving up the land price. God save America! Our representatives love spending our money!
Right on
Actual Republican Farmers on the county board voting to raise taxes on farmers : Priceless !
No vote, state statutes
Their kids or grandkids most likely getting big jobs, or university offers in county or state. Nepotism runs the county generally.
Gotta support those “woke” colleges and universities in Central Illinois and their “programs” (job and economic improvement dreams)
Actually Nightmares.