|
|
Post by Foggy on Sept 12, 2020 11:45:14 GMT -6
I just had to have my Woodland Stewardship Plan "updated" after ten years to remain qualified for 12c tax classification. I'm uncertain if this is just available in MN or if it's avaialble elsewhere? I get about 1/3 reduction in taxes on my property for land classified like such. I suppose I save $400 / year with the plan......so after now 10 years I have saved $4000 in taxes paid.
The only hitch is you have to pay for the plan and for a renewal ever ten years. Still.....my county re-imburses me 75% of the cost of having the plan re-written. In my case the guy (local retired DNR guy) charged me $876 for the renewal. He did make a couple trips to my property and did write a real good detail on the various areas of my land and how I should manage those areas and some thoughts on how to improve. But basically his plan writing authenticates the tax reduction.
Curious how many others have such a plan?
EDIT: If anyone has questions....let me know. (Art...you should have this at Buckman and the North Sandbox.....no?
|
|
|
|
Post by Foggy on Sept 12, 2020 11:56:05 GMT -6
The good thing about such plans is that there are no requirements or other hoops to jump through. The guy who wrote my renewal could think of few things I could do to improve my land......except for some TSI from time to time. He liked my property ad what I have done with it.
You can take yourself out of the plan at any time. The only advantage I see is to get the reduced taxes. I think our counties here re-imburse the costs to keep the watershed from being polluted, etc.
|
|
|
|
Post by batman on Sept 12, 2020 11:58:50 GMT -6
I thought long term SFIA was up to $17 per acre? Have you looked into that?
|
|
|
|
Post by sd51555 on Sept 12, 2020 12:33:50 GMT -6
I thought long term SFIA was up to $17 per acre? Have you looked into that? Under that program, you could get paid more than your property tax and they never came back to check anything. |
|
|
|
Post by biglakebass on Sept 12, 2020 13:03:09 GMT -6
We have SFIA on 40 acres. The other 80 acres is in Green Acres so u cant double dip.
|
|
|
|
Post by Foggy on Sept 12, 2020 14:11:30 GMT -6
I thought long term SFIA was up to $17 per acre? Have you looked into that? I don't know anything about SFIA. Tell me more. I am under the Woodland Stewardship Program by the USFSDA and MNDNR. Seems like $17 an acre would Trump my program. |
|
|
|
Post by biglakebass on Sept 12, 2020 14:16:07 GMT -6
Sustainable Forest Incentive Act
Its been several years since i looked at comparisons between sfia, 2c and green acres
|
|
|
|
Post by Sandbur on Sept 12, 2020 14:22:17 GMT -6
I thought long term SFIA was up to $17 per acre? Have you looked into that? I don't know anything about SFIA. Tell me more. I am under the Woodland Stewardship Program by the USFSDA and MNDNR. Seems like $17 an acre would Trump my program. When I signed up the Stewardship plan was the better value and suited my purposes better. Foggy, did they notify you that you needed a new plan? I am due soon. |
|
|
|
Post by Foggy on Sept 12, 2020 14:38:21 GMT -6
I don't know anything about SFIA. Tell me more. I am under the Woodland Stewardship Program by the USFSDA and MNDNR. Seems like $17 an acre would Trump my program. When I signed up the Stewardship plan was the better value and suited my purposes better. Foggy, did they notify you that you needed a new plan? I am due soon. Yep.....my County sent me a notice that I needed to get updated. Very helpful. I think I am going to drive to Walker on Tuesday.....and meet them to turn in all the papers and tie up any loose ends. |
|
|
|
Post by batman on Sept 12, 2020 15:17:05 GMT -6
|
|
|
|
Post by smsmith on Sept 15, 2020 10:46:41 GMT -6
I've got a 2c plan. I went that route because there was no time period I or my heirs would have to wait to remove the classification. I wanted as few restrictions as possible for transfer of ownership/outright sale. If I recall correctly, there was a period of time (6 months?) that has to pass before a property can be pulled out of the SFIA program.
|
|
|
|
Post by Foggy on Sept 15, 2020 10:50:24 GMT -6
I've got a 2c plan. I went that route because there was no time period I or my heirs would have to wait to remove the classification. I wanted as few restrictions as possible for transfer of ownership/outright sale. If I recall correctly, there was a period of time (6 months?) that has to pass before a property can be pulled out of the program. ^. Have not thought about it for a long time......but I guesss this was my rational back then.....and now. |
|
|
|
Post by badbrad on Sept 15, 2020 13:06:11 GMT -6
I have the Wisconsin equivalent plan which is managed forest law and my land is closed to the public.
|
|
|
|
Post by smsmith on Jun 26, 2022 8:47:27 GMT -6
I got the notice that my 2c plan is expiring. Anybody put much thought into comparing 2c and SFIA lately?
|
|
|
|
Post by Foggy on Jun 26, 2022 11:12:41 GMT -6
I got the notice that my 2c plan is expiring. Anybody put much thought into comparing 2c and SFIA lately? I renewed mine about two years ago.....cost me $500 to basically rubber stamp the old plan.....then the County lost my paperwork in the shuffle....and I did not get the credit on my taxes. When I grumbled....they basically said "tuff chit". Grrrrrr..... |
|
