Saw Your Real Estate Taxes in Half with the Ohio Forestry Program

If you own at least 10 acres of land in the woods, the Ohio Forest Tax Law Program maybe something you should consider. Land put in the program receives a 50 percent real estate tax reduction for the land owner.

There are eligibility requirements that must be met. One requirement is to have a forestry management plan.

Ohio’s Service Foresters will help you develop a Forestry Managed Plan for the property that will eventually require some trees to be harvested and maybe some diseased or damaged trees to be removed. Don’t look at this as a down side. Studies have been shown that it takes 100 years for woods to become an old growth forest. With a proper forest management plan, this can be done in 60 years.

Can cleared land qualify under the program? The answer is yes – if you are willing to plant seedlings on the land and wait one growing season. There could also be forestry-related expenses that you can deduct on your federal tax return.

Another benefit is what this does for your carbon footprint. One tree will absorb 730kg of carbon in its 100 year life. Imagine what 300 trees per acre can do to reduce your carbon footprint.

Email Rea & Associates for more information.

This article was originally published in Illuminations: Facts & Figures from people with a brighter way, a Rea & Associates enewsletter, June 25, 2008.

Note: This content is accurate as of the date published above and is subject to change. Please seek professional advice before acting on any matter contained in this article.