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Property taxes burdensome - sell carbon credits?
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TOPIC: Property taxes burdensome - sell carbon credits?
#216
katieh19
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graphgraph
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Property taxes burdensome - sell carbon credits? 5 Months, 1 Week ago  
Hi.

My brother owns about 160 acres of forested land in western Mass. As you can imagine his taxes are crushing. He is looking for methods to reduce his taxes and possibly earn some money from his land. I think he'd like not to have it logged, if possible. I've heard of folks selling carbon credits to forested property but this is all very much out of my league. I was wondering if you know anyone who could advise him of his options. Thanks for your time.
 
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#220
lmr
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graphgraph
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Re:Property taxes burdensome - sell carbon credits? 4 Months, 4 Weeks ago  
Hi, and thanks for your question. Rising property taxes have made owning land more difficult than in the past and it's not uncommon for people to have to sell land due to the financial burden of owning it. For a lot of people, this is a very difficult decision to make because they value their land and hate to see it developed.

Some programs are available that can help ease the tax burden. Regarding carbon credits, I know of one program available in Massachusetts that lets people sell carbon credits. For more information about that program, visit their website at carbontreellc.com/.

Another option, that may result in better savings is called Chapter 61B. This is a Massachusetts state program that is designed to reduce the property taxes on land they are keeping in an open condition. Other Chapter 61 programs are designed for landowners whose land is in production, either in terms of agriculture or timber production. These last two programs require significant involvement and management of your land. Chapter 61B however only requires that a landowner have a minimum of 5 acres in either an open, natural condition or open to recreation. No management is required and tax savings are usually up to 75%. For opinions from other landowners who are enrolled in chapter 61B, see massacorn.net/index.php/update/11-highli...s-reflect-on-ch-61b. For more information on how the program works and how to enroll, visit masswoods.net/index.php/component/conten...for-many-landowners.

Hope this helps!

Lisa Romano
Dept. of Natural Resources Conservation
UMass Amherst
 
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