New York Forest landowners interested in reducing property taxes on their woodlots should consider enrolling their properties in New York’s Section 480a Program. To be eligible:
- an owner must enroll at least 50 contiguous acres
- have a forest management plan developed by a professional forester
- and commit to follow the prescribed forestry management activities in that plan.
It’s a little more involved than this, but essentially as long as you can meet these basic terms…you’re in! And once enrolled, you get an 80% reduction in the assessed value of the wooded part of your property.
FORECON, Inc. has been working with landowners interested in enrolling in the Section 480a Program since its inception in the mid 1970’s. There is no denying the advantages this program offers forest landowners; successful enrollment can provide a significant assessment reduction (80%!), resulting in a very significant reduction in taxes while benefitting from a professionally-developed forestry management plan designed to improve the health and overall quality of your woodlot. There is no worse feeling than struggling to pay taxes on property that has been in your family for generations, or on property you just purchased to begin building your own legacy. New York’s Section 480a Program provides a way for forest landowners to reduce the burden.
This is what some of our 480a customers have to say about it:
The Munn family owns 90 acres in Cattaraugus County: “We have owned this property for over 30 years, but haven’t managed it to obtain maximum timber value. The 480a forest management program provided us the opportunity to obtain professional management while obtaining 75% in annual savings on our property taxes.”
John & Christine Buck own 170 acres in Chenango County: “We’ve been in the 480a program for 30 years. I love working in the woods, and the most fulfilling part of the program is to participate in the forest management and see the improvement of the forestland. It doesn’t hurt that our County taxes are significantly reduced by the 480a exemption either. We are going to save about $4,000 on property taxes this year alone.”
Doug & Theresa Ploetz own 250 acres in Allegany County: “The 480a program has been very beneficial to us, significantly reducing our annual real estate taxes by over $2,000. This in turn has allowed us the cash flow to better manage and improve our timber resources. Over the long haul, this should enhance the timber and the property values on our farm.”
Michael Bouros owns 400 acres in Chenango County: “We originally bought this land as a vacation property, but besides this, we think more and more of it as an investment. We would not be able to afford the taxes on so big a piece of property, if it were not for New York’s section 480a tax law. Section 480a significantly lowers our taxes. Our woods are also managed like a farm, and, as such, will provide a respectable income from the hardwoods in the future.”
Steven & Linda Palmatier own 480 acres in Chenango County: “My wife and I enrolled the woodlot in the 480a management plan in 1984 and have realized a significant number of dollars in tax savings over the years. More importantly though we are watching the value of the timber grow. I spend hundreds of hours each year on horseback in the region and it is striking how different a well-managed woodlot looks compared to a poorly managed one.”
Jay & Aaron Zynczak own 500 acres in Cattaraugus County: “Enrolling in the 480a plan has been a great choice for us. The nearly $6,000 annual tax break helps us to manage our land and forest so that we know they will be in our family for generations to come.”
