correction: the taxes on my 40 acres of forest are $34/yearhttps://twitter.com/MorlockP/status/1285393864090583040 …
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3/ you can elect a tax treatment for any piece of land > 1 acre (IIRC) that is not developed (this is true even for PIECES of larger parcels). the tax treatment is called "in current [ agricultural ] use", and applies to forest, fields, pastures, wetlands, etc. >>>
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4/ Any land that is "in current use" gets taxed at 10% of it's true / fair value. Moving land into "current use" is free and trivial (1 page form, $10 filing fee, IIRC). Moving land back out requires that you pay the taxes on the full-and-fair value over the prev 10 yrs.
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5/ Want to buy a forest and cut it down and build condos in 5 years? Don't bother with current use, just pay the taxes every year till you start building. Want to keep a farm, or a forest, for decades? Elect "current use", cut your taxes by 90% forever.
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6/ "current use" designation flows with the land. If Farmer Bob had his land in C.U. for 20 years and you buy it, it's still C.U. If, 5 years later, you decide to build houses and take it out of C.U., you pay 10 years back taxes.https://twitter.com/lbsasquatch/status/1285548927492784138 …
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7/ ...and note that if you buy 50 acres from Farmber Bob, all of it in CU, and you want to build a house, you can take 1 of the 50 acres out of CU. (note that all details here are approximate - maybe there's a 2 acre min for a house, maybe the 10% fair value isn't quite right)
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