Opening the property tax bill is going to be less fun than ever for many Southern Illinois farmland owners over the next several years. The governor has signed into law a bill touted as an update of assessment procedures. Now, more profit-producing land in Northern Illinois may be worth three or four times as much as land in the south.
“Back in 1986, we added an amendment … that put in a 10 percent limit on how assessment grows from year to year,” said Brenda Matherly, assistant director of local government for the Illinois Farm Bureau.
“Over the years, you compound that 10 percent limit, and it has artificially held the lower-producing soils to a very low assessed value, while the higher-producing soils are exploding by 10 percent.”