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How this helps you:
If you generate income and expenses from your woodland, this will help you with income tax reporting. It also will alert you to property tax programs for managed forest land, help you predict financial returns from forestry investments, and get started with estate planning.
- Read the section on Property Taxes (PDF, page 186)
- If you itemize deductions on your income taxes, deduct the cost of property taxes on your woodland, regardless of your reason for owning it.
- Contact your county assessor to find out what property tax classification your woodland is in.
- Then ask your assessor and your forester what other property tax or incentive programs are available that may reduce the cost of such taxes. Most states offer lower property taxes on forest lands managed under a plan developed by a forester. Other qualifications may need to be met.
- See the Links and References section for more information about special property tax programs in the Lake States.