Farm related bill would change assessment of land after a death

farmland

A new bill in Congress may make it easier for Hoosier farmers to keep their farms in the family in the event of a family death. When a member of your family dies and they leave the farm to you, there are estate taxes that come with it. However, Bob White with the Indiana Farm Bureau says sometimes when the IRS comes to reassess the value of your farmland they assess it as developmental land rather than farmland. That could mean estate taxes five to six times more expensive than estate taxes on farmland. White says Representative Jackie Walorski’s bill would require farmland to be assessed as such.