ODNR Forestry division has a program to reduce property taxes if landowner is able to do improvements to their trees. Removing vines, invasive species and thus the canopy will be opened. Promotes growth of desirable and native species. Similar to the EQIP program.
What discount rate do you use typically to grow the timber back to the year of purchase? How variable is this depending on the site quality? Are there specific resources out there geared towards determining this or do you just figure out the discount rate based on an estimate of yearly growth divided by standing volume?
Hello I’m supposed to get my woods logged this summer and am just now finding out about this tax benefit on the timber sale is there anyway I can get a tax basis done before they log it so I don’t pay much in taxes I just purchased the property 5 years ago. Who am I supposed to contact for this? Thank you for any help
The Government stealing your gains is immoral and should be illegal.... period!
ODNR Forestry division has a program to reduce property taxes if landowner is able to do improvements to their trees. Removing vines, invasive species and thus the canopy will be opened. Promotes growth of desirable and native species. Similar to the EQIP program.
Thanks for the helpful info. Roughly how much does it typically cost to have this done?
Depends mainly on acreage. Usually pretty reasonable anywhere from 500 to several thousand.
I do most of the Midwest if you are in that area
@@treestandforestry Great, thank you! Am out in Maryland/Virginia, but will keep it in mind if I ever make it back to the Midwest.
Thanks for the helpful content. Is there an app that you would recommend using for doing a timber crusie?
You will need to get a consulting forester out to get a basis done.
What discount rate do you use typically to grow the timber back to the year of purchase? How variable is this depending on the site quality? Are there specific resources out there geared towards determining this or do you just figure out the discount rate based on an estimate of yearly growth divided by standing volume?
Just average growth rates by species.
Hello I’m supposed to get my woods logged this summer and am just now finding out about this tax benefit on the timber sale is there anyway I can get a tax basis done before they log it so I don’t pay much in taxes I just purchased the property 5 years ago. Who am I supposed to contact for this? Thank you for any help
Yes you should be able you get one done before hand. What state are you in?
@@treestandforestry I am in Ohio Shelby county between Dayton and Lima area
That is pretty close to me, reach out on my website and I can get it done for you.
Promo-SM 😚