Property Tax Update
Many states are changing how they tax timberland in response to revenue needs and recognition of the impact of property taxes on the land use decisions of owners of forestland. Cliff Hickman, Forester, Policy Analysis Staff, USDA Forest Service, provides an update as of April 2007 of the issues and current tax treatments in the states. click here!
New York State Enacts Property Tax Credit for Land Subject to Conservation Easements
New York State has enacted the nation's first tax credit offsetting the property tax due on lands subject to conservation easements. The credit is 25% of the property tax paid on the land, up to $5,000 per year. The provision is retroactive to all lands subject to easements wholly or partially donated to a land trust or governmental agency. The tax credit runs with the land, meaning that successor owners also qualify for the credit. More detail is available on the Land Trust Alliance's website.
Georgia Enacts State Income Tax Credit for Donations of Conservation Easements
Individuals that donate conservation land or an easement on such land are eligible for a state income tax credit of up to $250,000. Corporations are eligible for a credit of up to $500,000. Governor Sonny Perdue signed H.B. 1107 on April 21, 2006. The Land Trust Alliance has more detail on their website.