UShawn, as far as I know, the timber exemption is the same as the old ag exemption. We had to update our info, but nothing here changed. Leased pastures and hay production are what we use. There is also a wildlife exemption, and I think that's what Dave Davidson uses. Maybe he can chime in about that, and what the requirements are.
The actual tax benefits aren't a game changer, but if you have one of the exemptions, several of the places we shop at don't charge taxes on farm or ranch materials, and that can add up to a big savings. In the past, the big orange box store would accept it, and it really added up on building materials. TSC is the best at it. If I buy 400# of goat and chicken food, and a pair of boots, I pay taxes on the boots only. Also, they send you an nice itemized list of all your exempt purchases for the year.
Last edited by FireIsHot; 02/18/20 03:43 PM. Reason: ADD
