Posted: 6/10/2025 10:15:32 AM EDT
| Prior to his passing, my dad ran a truck repair business out of a shop on his 6 acre property in Ogle County. The majority of his customers were farmers so he had the property zoned as Special Use Ag. I've since purchased the property, the business no longer exists, and I'm wondering if changing the zoning to residential would be beneficial as far as property taxes? I'm assuming Spec Use Ag is taxed at a higher rate? |
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As I understand it, the actual tax rate is set by your county, and they assess that rate based on one third of the value of the residential property, land and buildings are at a different tax rate. Farmland is different, for the land itself it is assessed on its revenue generating ability. Farm buildings are assessed based on one third their value. Not really very helpful I guess, but from my understanding, it is cheaper tax-wise, if possible, to have vacant land zoned as farm use rather than R1 or commercial. You should consult an attorney familiar with your county as the difference could be substantial. I am not a lawyer. |
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