1 / 15

UNDERSTANDING PUV FORESTRY RATES

Join Mark Megalos, Extension Forestry Specialist and Assistant Extension Professor, as he unpacks the intricacies of North Carolina's Deferred Property Tax Program, particularly focusing on Present Use Value (PUV) forestry rates. This informative session covers how forestry rates are calculated, land transfer specifics, and includes case studies. Learn about the requirements for property qualification, the importance of a sound forest management plan, application procedures, and the implications of ownership changes. Equip yourself with the knowledge to effectively manage and benefit from your forestry property.

yuli-richardson
Télécharger la présentation

UNDERSTANDING PUV FORESTRY RATES

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. UNDERSTANDING PUV FORESTRY RATES • Mark Megalos • Extension Forestry Specialist • Asst. Extension Professor

  2. NC's Deferred Property Tax Program THIS TALK: How Forestry Rates Are Calculated Land Transfer Specifics Examples (Case Studies) What’s Happening ( Education) Summary

  3. Ownership Tenure • Residence-qualifies immediately • Non-residence-4 years immediately preceding the date of application • Exception-land already qualified may continue if new owner makes application within 60 days of acquisition, and • Continues same use & • Accepts deferred tax lien

  4. “Sound forest management” clause • Enforced by the county tax office via a forest management plan • Compliance checks • Landowner is responsible to implement their forest management plan

  5. Sound Management-Forestry Plan • Landowner objectives • Maps, plats, aerial photos • Forest/stand inventory/description • Forest management prescriptions • Harvest dates, methods and regeneration strategies

  6. Key points… • A written forest management plan must be submitted to the county tax office to qualify for PUV • A forester yourself or L.O. can write the plan. • Plan must be silviculturally sound and involve commercial production of timber

  7. Forestry Plan • Must have commercial timber production as a major objective • Practices must be implemented on a timely basis NOTE: Up to 20 acres of woodland may be brought under use-value with an ag or hort application without a plan (Buffers)

  8. PUV Application Procedure • Landowners must apply • “Normal” application window is during the regular listing period (January) • “Within 30 days of receipt of a notice of change in valuation” or; • Within 60 days of acquisition of already qualified property

  9. FORESTRY PRESENT USE VALUE RATES- MRLA 133A (2012)

  10. PUV Summary • PUV is an effective tax deferment • Protects WORKING greenspace • Production, sound management and income requirements exist • Landowner must enroll • Deferred taxes become due when land use changes, unless: • new use conforms to program, • new owner agrees to maintain PU, and • assume tax liability (3 preceding years)

  11. THANKS!  Forestry Extension 919-512-1202 Mark.Megalos@ncsu.edu

More Related