Just after the new year Indiana’s Department of Local Government Finance announced the new base rate for farmland assessment. It was $1,280 per acre. The base rate is the starting point for setting the taxable value of farmland for the property tax, to be used for tax bills next year. The number was down considerably, from $1,560 for taxes this year. That should make for a sizable drop in property tax bills for farmland owners in 2021.