| Rep. Day introduces legislation to provide property tax relief to Missouri timber industry |
By: Rep. David Day
|
Posted: Thursday, January 15, 2009 11:52 am
|
JEFFERSON CITY, Mo. (Jan. 15, 2009) – State Rep. David Day, R-Dixon, introduced legislation this week to provide much-needed property tax relief to a Missouri timber industry struggling with the current economic downturn.
Day’s bill, HB 287, would classify sawmills and planing mills the same as agricultural and horticultural property for the purpose of property tax assessments. The simple change could mean substantial savings for mill owners as agricultural property is assessed at only 12 percent of its market value. Currently, mills are classified as commercial property that is assessed at 32 percent of market value.
“The timber industry in Missouri is a large part of our economy and it has been hit hard by the lack of new home construction and the excessive cost of the fuel needed to transport its products. While there is little we can do to reduce fuel prices or quickly revitalize the housing market, we can provide tax relief that will allow mill owners to keep more of their hard-earned dollars. This legislation will help keep the mills open, keep people working, and frankly, because they are an agriculture industry it is something that should have been done years ago,” Day said. “I am hopeful we can pass this legislation during this session and give our struggling timber industry a financial boost that could make a difference during these challenging times.”
According to a recent study completed by the Department of Economic Development, the timber industry has more than a 4 billion dollar impact on Missouri’s economy.
Click here to comment for local opinion |
|
Printer-friendly format
|
|
