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Post by fullrut on Feb 23, 2011 21:32:27 GMT -5
I have been thinking of enrolling seveal acres into classifeid forest. Is there anyone on here who has done this? What are the pros and cons? Would you recommend this? Thanks for the help.
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Post by greghopper on Feb 23, 2011 21:43:23 GMT -5
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Post by kirch86 on Feb 24, 2011 3:29:47 GMT -5
I looked into buying some land that was classified forest. Seemed like a good deal to me. The biggest thing I saw about it that I didn't like was:
"The owner must pay the difference between the property tax paid while classified and what the owner would have paid if the land were not classified, plus 10 percent simple interest per year, for the land withdrawn. Back taxes can be collected for only the most recent 10 years. If land
was classified for less than 10 years, taxes are due only for years classified.
In addition, lands may be subject to an additional penalty of $100 per withdrawal, and another penalty of $50
per acre withdrawn."
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Post by indianaforester on Feb 24, 2011 6:14:43 GMT -5
This is a great program for landowners that are going to hold onto their land for long periods of time. The tax savings are great and a forester looks over the land every 5 years. The withdrawal penalties are there but I never saw them stand in the way of a owner withdrawing a portion to build a house. If you think you will keep the land for less than 10 years you may not want to go into the program. If you plan on holding the land for more than 10 years it is a great way to save some tax dollars. I have all but my house site in the program.
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Post by mullis56 on Feb 24, 2011 8:28:19 GMT -5
Great program, no reason to un-enroll IMO, so need to worry about kirch86 posted.
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Post by fullrut on Feb 24, 2011 9:55:32 GMT -5
I am gonna do it. Go the ball rolling this week.
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Post by indianaforester on Feb 24, 2011 15:10:00 GMT -5
Be sure to shop around for an inexpensive surveyor. They can do this work in their office off an aerial photo.
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