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    BrownfieldAgNews reports:

    A bill signed in to law by Indiana Governor Mitch Daniels will mean Indiana farmers will pay about $75 million less in property taxes over the next three years.

    Indiana Farm Bureau tax specialist Katrina Hall says Senate Enrolled Act 396 significantly reduces both the assessed value of the state's farmland and the taxes on that land by amending the formula used to set the base value for an acre of Indiana farmland.

    Indiana Farm Bureau President Don Villwock of Knox County called it a tremendous victory for Indiana farmers.

    "But it is only because of the vocal and visible presence of Farm Bureau members at the Statehouse demanding property tax relief for farmers that we were even in a position to accomplish this significant modification of the assessment formula," Villwock added.

    In addition, the issue of farm personal property taxes, including the possible elimination of the 30 percent floor on the assessed value of farm machinery will be addressed in a summer study committee.

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