Floyd County, Iowa | jtpfarm - 5/29/2021 11:04
For example, my county has 7352 homes with an average value of $106,000. The average property tax rate is 1.04% of property value. That's roughly $8 million in revenue.
On the other side, there is 521,000 acres of farmland in my county with an average tax rate of $38 per acre. That's just under $20 million in tax revenue.
Who pays more?
I did the math that you're not showing or mentioning.
7352 homes x $106,000 avg value = total value of $779,312,000 (779 million)
521,000 acres if farm land x $8000 per acre value (?) = total value of $4,168,000,000 (4.1 billion, with a B)
The farm land is worth over 5.3 times what the residential property is worth, so....
Land value $4.168 billion x 1.04% = $43,347,200 divided by 521,000 acres = $83 per acre, if you want to pay the same percentage that the "residentials" are paying.
Your farm land is an income producing asset, whereas the residences are not.
You can change the land value to $7000, and it comes to $72/acre.
Who pays more?
Total, yes the farm land does, but percentage of value, hands down it's residential.
And this has nothing to do with "electric vehicles and road tax".
edit to add:
From above you said: "But we as farmers pay the vast majority of property taxes. Which is a major source of income for country and local roads. Which is mostly what farmers use."
Out in the rural areas on county roads, yes, you contribute to the road fund, but when you hit the city limits and town streets to get to the co-op, your taxes don't cover those. The city residences on those streets pay 100% for those.
Edited by oldbones 5/29/2021 19:01
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Electric vehicles and road tax
