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UNDERSTANDING PUV FORESTRY RATES

UNDERSTANDING PUV FORESTRY RATES. Mark Megalos Extension Forestry Specialist Asst. Extension Professor. NC's Deferred Property Tax Program. THIS TALK: How Forestry Rates Are Calculated Land Transfer Specifics Examples (Case Studies) What’s Happening ( Education) Summary.

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UNDERSTANDING PUV FORESTRY RATES

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  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

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