Classified Forest and Wildlands Program or ?

[buckhunterbb]

Is Classified Forest and Wildlands Program 1 of the best ways to help reduce property tax on rural NE Indiana land? Approx. 15 acres, land isn't really farm-able do to low/wet land with couple small ponds & woods. Back taxes have to be paid if property is removed from Classified Forest and Wildlands Program, up to 10yrs. Or are there other/better options?

 

[singlestacksig]

unless you plan on building on it, it really is not bad, yes you would have to pay back taxes, IF you ever remove it from the program.. but if you plan on using the land for hunting, it is a great program.. once in a blue moon they may ask you to remove certain vegetation, and you have to do yearly reports..

 

[mom45]

If you aren't sure you will keep it for the full ten years, it can impact the resale value. We had land near us auctioned off a few weeks ago as part of an estate, and they struggled to get $2,500 an acre for beautiful wooded property. It was announced that it was in a forestry program and the buyers would be responsible for any penalties if they remove it from the program. There were three 80 acre parcels that were included in this, and it all went for $2,500 or less per acre. Land in the real estate listings is at least double that in our area, and usually sells fairly quickly.

We looked into it once and decided we would rather not have the government telling us what we can or can't do with our property. The taxes on vacant ground that would qualify for the program is already pretty cheap here.

 

[buckhunterbb]

Hopefully handling property down to family when necessary. Decreasing property value significantly not desirable. Don't really see building on land, but can't see into future.
Guess no other programs to help reduce taxes & maintain control of land.
Thanks for the couple of responses.

 

[Leadeye]

I keep almost all of my ground in classified forest, the regs aren't bad and when the forester visits you get some good info.

 

[Sigblitz]

Tree farm/family forest

 

[indiucky]

We've got 17 acres of designated forest....We get a nice tax break...13 acres of tillable is all we have to pay tax on...Kind of hard to farm rock....