It’s the start of a new year, and with that comes tax time. That property tax bill probably arrived in December, and as a woodland owner you are potentially facing a larger bill than is comfortable. Many states have realized the importance of family owned woodlands for clean air and water and good paying jobs, and offer landowners incentives to manage their woods. In Wisconsin, this comes in the form of a program that reduces your tax burden in exchange for actively managing your land. The program is called Managed Forest Law, or commonly called MFL for short.
Did you know that there are about 276,000 woodland owners in Wisconsin, and according to a Wisconsin Department of Natural Resources study, about 60% are 55 years or older? About 49% of woodland owners are already retired. In addition to planning for your retirement, are you planning for the future of your woodlands? Believe it or not, they go hand in hand. Planning for your financial future and long-term care involves your woodlands. And planning for the future of your woodlands can help ease any financial burdens on your heirs and keep your woodlands intact.
Forestry has changed little since this brochure was published in the 1960’s, but the role of a forester and what they can do for you, if anything, has broadened. It is important to consider a forester for any activities you want to partake in on your property. A good forester is trained in the art and science of forest management, and can help you improve your forest for your needs and the forest’s needs. If you are considering a timber sale, working with a forester almost always guarantees you a better price for your wood.