Tag: farmland property taxes

Written by Diane Benjamin - editor

Historical Taxing of Farmland

By: Diane Benjamin Below are the property taxes assessed on farmland in McLean County. This is a small parcel – 45.63 acres. Also shown is the percentage increase over various 5 year time frames: See this website for historical prices of corn and soybeans: https://www.fcsamerica.com/insurance/resources/crop-price-history Corn: . Soybeans: . One thing is clear: Taxes only […]

Written by Diane Benjamin - editor

Farmland Taxes going up another 10%

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 […]