A farm-equipment tax exemption

What It Does

Exempts eligible tangible personal property used in agricultural production or agritourism on agricultural-classified land. The property must belong to the landowner or leaseholder. Starts with the 2027 tax year.

This concerns tangible personal property, such as qualifying equipment. It does not exempt all agricultural land, all business property, or every item used by a contractor.

Potential Effects

Possible Benefits

Reduces qualifying farm operating costs and could support agricultural investment.

Potential Trade-Offs

Local governments lose revenue. Similar nonfarm businesses do not receive this specific exemption.

A Yes Vote

Approve the exemption for qualifying agricultural equipment and other tangible property.

A No Vote

Keep existing tax treatment for that property.

Potential effects are analysis, not guaranteed household outcomes. The interactive guide retains the full income and scenario breakdown where evidence is available.

Original Sources