Posted by rrlund on February 07, 2014 at 07:35:23 from (162.250.26.204):
In Reply to: Re: 2014 tax world posted by Bob Bancroft on February 07, 2014 at 07:13:32:
Same here in Michigan. It isn't just ag land. Taxable Value on all property is tied to the Consumer Price Index. Property taxes can only go up by the rate of inflation,not the increase in property value. Only problem with it is that we have what's known as State Equalized Value too. That value is based on actual value of property based on actual sales. The longer you own a parcel,the better the value,so to speak. When a parcel sells,it comes "uncapped" and the sellers State Equalized Value becomes the new owners Taxable Value. In my case for example,I've owned most of this property since it was "capped" in 1994,so a lot of it has an SEV about 5 times what the Taxable Value is,so if I sold it,the new owners Taxable Value would be about 5 times what mine is and their taxes would be 5 times what mine are.
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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