Ad Valorem Tax For Timber
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FAQ
The ballot measure exempted timber equipment from ad valorem property taxes, set to begin on January 1, 2023. Timber equipment to be exempted from taxes includes equipment owned or held under a lease-purchase agreement by a commercial timber producer that is used for timber harvesting or production.
From the above discussion, it follows that if the tree trunks are cut and sold with stumps intact with scope for re-generation, the receipt would be agricultural income. If not, it could be sale of capital asset. But as yet, there is no direct decision from the apex court as to their liability for capital gains tax.
General Tax Application As a timber owner, you generally owe the timber yield tax when your trees are harvested: Regardless of the number of trees removed. Whether you sell, give away, trade, or use the trees yourself. Whether you have received any money for the trees.
For property tax purposes standing timber is taxed only once following its harvest or sale, at 100% of the sales price. Timber sales are subject to taxation even if the land underneath is exempt unless taxation has been prohibited by federal law or treaty.
In this case, the sale of the timber may be subject to long-term capital gains tax rates, which are typically lower than short-term capital gains tax rates. To report the sale of timber on your tax return, you may need to file Form 4797 or use Schedule C and/or Schedule F.
