Updated figures will be used to calculate 2021 tax bills.
By Brenda Matherly
The Illinois Department of Revenue has published the Certified Farmland Values for the 2020 assessment year. These values will be used to calculate farmland taxes payable in 2021.
All 2020 certified cropland soils increased $32.01 in assessed value. The $32.01 is an increase equal to the legislative limit of 10 percent of the preceding year’s median PI 111 soil Productivity Index certified assessed value – as required by the Farmland Assessment Law.
Your Chief County Assessment Officer (CCAO) should be scheduling a meeting of the County Farmland Assessment Review Committee (FARC) to approve the newly-certified values. The meeting should be publicized in the legal notice section of your local newspaper.
In addition to approving the 2020 values, the FARC can advise the CCAO on application of the Certified Values and local farmland valuation procedures to be implemented in the county. This meeting is open to the public.
Brenda Matherly serves as Illinois Farm Bureau assistant director of local government. This article appeared in the latest edition of LINK, Local Information, News & Know-How. To view the newsletter, visit this link.
Content for this story was provided by FarmWeekNow.com.