ST. PAUL, Minn. — Lt. Governor Tina Smith and State Rep. Paul Marquart today called on the Minnesota Legislature to pass property tax relief for Minnesota farmers this Legislative Session. This property tax relief, proposed by Rep. Marquart during the 2016 Legislative Session, is included in Governor Dayton and Lt. Governor Smith’s 2017 Tax Bill. If passed, up to 74,000 Minnesota farmers, plus additional agricultural landowners, could see relief.
“Right now, farmers in Minnesota face low commodity prices and high land values, while their property taxes have gone up more than 100 percent in the last 10 years,” said Lt. Governor Tina Smith. “I pledge to work with legislators on both sides of the aisle to keep more money in the pockets of Minnesota farmers this year, to grow opportunities for farmers, families, and communities across our state.”
Over the last ten years, property taxes for Minnesota farmers have increased by 114 percent. This problem has been compounded by low commodity prices and rising agricultural land values. To help relieve property tax burdens on Minnesota farmers, Governor Dayton and Lt. Governor Smith have proposed investing $34 million into tax relief for owners of agricultural property.
“Ensuring that property taxes are fair and affordable in is vital to making our rural economies competitive and our communities livable,” said Rep. Paul Marquart. “During this legislative session we must commit to keeping property taxes in check through local government aid and property tax relief. By doing so we’ll keep and attract homeowners, businesses and farmers to rural Minnesota.”
This tax credit would be available to all individual farm owners in Minnesota who pay property taxes for school district debt levies. For those farmers, the tax credit would reduce their taxes from those levies by 40 percent. For the 74,000 Minnesota farmers who live on their land, that would mean average relief of $243 on their annual property tax bill. Additional agricultural landowners would also see relief under the Dayton-Smith Tax Bill.
About Governor Dayton and Lt. Governor Smith’s Tax Bill
Governor Mark Dayton and Lt. Governor Tina Smith have proposed a 2017 Tax Bill, which would provide $300 million in tax cuts for more than 450,000 Minnesotans and in aid payments to local governments for essential services, while protecting the state’s long-term fiscal health. The Dayton-Smith Tax Bill also would reduce taxes for Minnesota farmers and landowners to help build an economy that works for everyone, everywhere in Minnesota. And their proposal would eliminate tax loopholes for corporations – leveling the playing field for businesses.
For more information on the Dayton-Smith 2017 Tax Bill, click here.
— Office of Governor Mark Dayton & Lt. Governor Tina Smith
For more news from Minnesota, click here.
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