Tax Tips for Forest Land OwnersPublished by forester on Tue, 01/13/2015 - 10:20
2014 Tax Tips for Forest Landowners
As a forest owner, understanding tax law is an important part of owning and managing timber, participating in forest stewardship activities, and complying with tax law.
There are two programs in Minnesota for owners of forest land. The Sustainable Forestry Incentive Act will return $7 an acre annual to qualifying property.
The other Minnesota program is the Managed Forest Class, which lowers property tax rate from 1% of value to .65% of value to qualifying property owners.
The USDA Forest Service-Northeastern Area State and Private Forestry recently compiled a handy document that documents changes to forest tax law as of December 2014. Click here to get the 2014 Tax Tips for Forest Landowners (PDF).