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Implement Alley Discussion Forum

Farmland tax

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SMark

01-10-2004 18:57:17




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I own 10 acres not connected to my 'Homestead' Property. I farm about 1/2 of it (Hay, Home Harded Crops). I pay an outragious amount of taxes on it every year, This is in Michigan. Is there some kind of tax program for Farm land where I could get a tax discount? How? How about tax exemption when I buy parts for my tractors, fuel or other farm equiptment? How do I get tax Exempt Status?




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jake

01-16-2004 09:26:00




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 Re: Farmland tax in reply to SMark, 01-10-2004 18:57:17  
look into pa116 the problem is it ties up your farm if you would decide to sell you would have to repay any taxes rebated in the prior 7 years...also approach your local board of review in march, i am on our local board and we try to look favorably on land preservation through agriculture. as far as ag purchases theyn are all tax exempt (sales) you only need need to fill out a tax exempt form with whomever you are dealing, they will have them on hand.

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Paul Kirk

01-14-2004 04:19:10




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 Re: Farmland tax in reply to SMark, 01-10-2004 18:57:17  
I have 36 acres in Vermont that I put in a "Best Use" tax program. You agree to not develope the property for the next 10 years and the state pays 90% of the taxes. Good for land only, no buildings. 10 acre is usually the smallest amount eligable. My taxes went from $970.00 to $97.00.
A forester did have to come out and decide how I should properly manage the land. That only cost me $135.00 and he handled the paperwork to apply for the program. All he reommended was cutting my fields every 3 years, which I try to do every year anyway.

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havvey

01-12-2004 08:05:45




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 Re: Farmland tax in reply to SMark, 01-10-2004 18:57:17  
go to your county /state farm bureau they are well versed in all this you can join it as well. A round here tax people arnt very helpful on this stuff.



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Look into PA116

01-12-2004 04:56:05




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 Re: Farmland tax in reply to SMark, 01-10-2004 18:57:17  
look into putting the land into PA116. Limits the amount of tax you have to pay.



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paul

01-11-2004 21:35:43




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 Re: Farmland tax in reply to SMark, 01-10-2004 18:57:17  
Living in MN, can't help you exactly, but to do any appeals or deductions:

You need to turn a profit 3 out of 5 years, or have ag as your only income. If you deduct your tractor, fuel, & other items, are you making more than you spend (including these big items)? Then it is much easier to make any headways on the tax issues.

--->Paul



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kyhayman

01-11-2004 11:56:07




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 Re: Farmland tax in reply to SMark, 01-10-2004 18:57:17  
Every time I hear the horror stories about property taxes in other places it makes me a little less mad about ours. Land in KY is supposed to be taxed at agricultural value if it is farm land and fair market value if not. We farm in 4 different counties and each one seems to have their own mindset as to what ag value is. The most extreme example is two farms 8 miles apart. Our most valuable (for farming) land is in county M and the tax bill on 300 acres of class II-IV land is a little under $1000 a year. The other farm in county A has 175 acres of rocks and hillsides (30 acres class II and III, therest class VI) tax bill there is $1500 per year. None of these have a residence included in the tax bill.

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Jim

01-11-2004 13:50:44




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 Re: Re: Farmland tax in reply to kyhayman, 01-11-2004 11:56:07  
I'll happily trade you. I have a 135 ac. farm in Maryland north of Baltimore,zoned agricultural,all but 3 acres in crops. This years tax bill is $9876. I'm going to have to start raising dope to pay the tax bill.



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ya'll ain't gonna like th

01-11-2004 16:53:23




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 Re: Re: Re: Farmland tax in reply to Jim, 01-11-2004 13:50:44  
have 140 acres in central north alabama. dwelling house, 2 large barns, 90 acres open. tax bill for last year(with new tax appraisal) $224.00 and that is not a typo. have what is called "current use" statewide. locks ag property in at 10% of appraised value.



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Sam in MI

01-11-2004 10:38:37




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 Re: Farmland tax in reply to SMark, 01-10-2004 18:57:17  
Your township board of review will be meeting in early March. Go to them and appeal your classification and see if they will change it to ag. If classified ag, you can take the homestead exemption even if non-contiguous. It will probably be a long shot on such a small tract, but it can't hurt to try.



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DaveH

01-11-2004 08:17:17




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 Re: Farmland tax in reply to SMark, 01-10-2004 18:57:17  
Check with the Tax office. Here in Georgia we have a soil conservation program that you can enter in that lasts for 10 years (it's renewable) and just about halves the taxes. The amount of acreage doesn't seem to be an issue here as long as the land is being used for agriculture. If you sell the property during the time that it's in the program they'll hit you with a hefty fine though.



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Steve

01-11-2004 08:05:50




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 Re: Farmland tax in reply to SMark, 01-10-2004 18:57:17  

Here in Wisconsin, you must have 35 acres or more to be taxed farmland.



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Billyiron

01-11-2004 07:47:25




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 Re: Farmland tax in reply to SMark, 01-10-2004 18:57:17  
For all the taxes we pay, I have always wondered what are they doing with it all, Theres got to be a end to it someday, With realesate,personal property, vehicle, income, sales, gas, and now they tax services, I know Im getting serviced by all these taxes right up the wazoo;;;;; Id have a good income if I could keep the money I pay in taxes;;;; Well Ill get off my soap box now,,,,, ,,,,

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Bill

01-11-2004 15:17:45




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 Re: Re: Farmland tax in reply to Billyiron, 01-11-2004 07:47:25  
I agree that we are taxed to much! Taxed on your food, housing, cars, fuel and on and on and on. I can't say that I get much return on my tax money - if any.

Bill



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Howard Dean

01-11-2004 14:37:23




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 Re: Re: Farmland tax in reply to Billyiron, 01-11-2004 07:47:25  
My name is Howard Dean and i dont think you pay alot in taxes. Vote for me and ill tripple your taxes. Vote for that Waco Bush guy and he'll probeble try to cut taxes again.
Vote for me Howard Dean!



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jake

01-16-2004 09:17:52




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 Re: Re: Re: Farmland tax in reply to Howard Dean, 01-11-2004 14:37:23  
work on that spelling demodrat dean



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Tim(nj)

01-10-2004 19:17:31




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 Re: Farmland tax in reply to SMark, 01-10-2004 18:57:17  
Your municipal tax assessor should be able to tell you.



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Dave H (MI)

01-10-2004 19:15:31




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 Re: Farmland tax in reply to SMark, 01-10-2004 18:57:17  
I am a practicing CPA in Michigan as well as a part time farmer and tractor lover. You have to do more than one thing to make a living on small acreage. We have a farmland preservation act in Michigan which is similar in form to the homestead credit. It allows you to contract with the state to keep your land in agriculture. Certain restrictions apply and 10 acres might not be looked on as favorably, but I do remember some wording about specialty farming. Here is a link to most of the info...if you have questions give me a shout. I check the posts often enough. Put it under implements or Farmall and I will probably see it.

http://www.michigan.gov/mda/1,1607,7-125-1567_1599_2558---,00.html

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