Property taxes statewide are going up. While CAUV’s historic purpose of taxing farmland based on its farm production value rather than market value still helps farmers keep thousands of acres in production, after years of significantly lower property tax bills for farmers, CAUV values are set to increase substantially in the 2023 reappraisal.
To help address questions and concerns as these new valuations are implemented, we’ve created multiple resources, including an FAQ, a webinar and podcast. These resources will explain in more detail why values are increasing, what you can expect when your new tax bill arrives and our organization’s efforts for CAUV moving forward. Despite these increases, the program still offers significant savings on most farmers’ tax bills. In 2022, the taxable CAUV value of all CAUV property in Ohio was 22% of the same property’s taxable market value, adding up to almost $1 billion in savings. Farm Bureau is continuing to work multiple channels to address concerns around CAUV. We intend to be highly engaged with the newly formed Ohio Property Tax Review Committee, created in the 2023 state budget, and advocate our members’ policies, both on CAUV and the general property tax system.
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AuthorJared M. Williams is a licensed real estate broker who specializes in rural property sales throughout Ohio. Archives
July 2024
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