"Howard County Assessor Jamie Shepherd said the state has set the assessed value for farm acreage for 2012 taxes payable in 2013 at $1,630 per acre, which is a 9 percent increase. That follows a 16 percent climb on farm acreage for 2011 taxes payable at 2012, which set the rate at $1,500 per acre.
Shepherd said since 2005 taxes payable in 2006, the state has raised the assessed value of farm ground from $880 to $1,630 for taxes due in 2013, an increase of 85 percent."
Read the full story here:
http://kokomotribune.com/local/x594869787/Assessed-farm-land-values-continue-to-increase
Ironically, Purdue University found the average value of agricultural land to range from $4,386 to $6,521 per acre:
"For the state as a whole, the 2011 survey found the average value of bare Indiana cropland ranged from $4,386 per acre for poor quality land to $6,521 per acre for top quality land (Table 1). Average quality cropland had a value of $5,468 per acre. For the 12-month period ending June 2011, the value of top, average, and poor quality land increased 22.8%, 23.7% and 25.3%, respectively."
http://www.agecon.purdue.edu/extension/pubs/paer/pdf/PAER8_2011.pdf
