Forest land, statutory values

From the 2024 DOR Tax Exemption Study

84.33.140 - Forest land, statutory values Description This law provides a statutory formula to calculate the taxable value for forest lands as bare timber land without considering the highest and best use of the land or the standing timber. Purpose Encourages the retention of private land in timber production and provides uniformity in the valuation of forest land. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $11.667 $11.788 $11.911 $12.037 Local Taxes $34.509 $35.952 $37.461 $39.029 Repeal of Repealing a property tax exemption would not increase state revenues. The repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. The repeal may decrease the local rate. Local taxing districts at their statutory maximum may experience a revenue increase. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $1.047 $2.037 $2.109 Assumptions - The total estimated exempt value is $5.4 billion. - This repeal takes effect beginning with property taxes due for calendar year 2025. - Growth rate mirrors