Metcalfe Forestry LLC
Don’t miss out on drastically reducing your property taxes!
On June 6th of 2013, Michigan Legislature signed into law some significant changes to the Qualified Forest Program (QFP) – http//www.michigan.gov/qfp . Once entered into this program, the landowner’s property will remain as forestland, and they would receive substantial tax benefits. These changes have made QFP much more appealing, in our opinion, to landowners owning forested property, and they would benefit from enrolling it into this program. We have spent the last few months helping landowners enroll their properties into this program. This letter is to inform you about the pros and cons of the new QFP law so that you can decide if QFP is right for you. Below we have described the basics of the program:
In our opinion, this program is beneficial for most forest owners in Michigan. It may not be of much benefit to landowners whose taxes are already low and do not anticipate changing ownership in the near future, but can be useful in estate planning for those inheriting the property, and could also be a good selling point to a new owner. This program is of no use if the landowner is planning on subdividing their property or developing their property in a manner that would greatly deplete the amount of forest. The QFP does enable the state government to have a greater influence on the management of private lands which may be an issue for some landowners. However we feel that the state’s influence will enhance, not inhibit, the management of private forests by requiring that the landowner consult with a forester and agree to follow a management plan. We are in the process of enrolling our own land which will make the property much more affordable.
We believe that the QFP could positively affect the real estate value of your property. It may be enhanced because potential buyers will be able to more easily afford the taxes.
Please feel free to call us with any questions about the QFP and the timber management on your property. Please look us up online at www.metcalfeforestry.com and the QFP program at http://www.michigan.gov/mdard/0,4610,7-125-1599_28740-306518--,00.html.