Designated forest land removal due to natural disaster

From the 2024 DOR Tax Exemption Study

84.33.140(15) - Designated forest land removal due to natural disaster Description The compensating tax authorized in this section may not be imposed on land removed from designation as forestland solely as a result of a natural disaster such as a flood, windstorm, earthquake, wildfire, or other such calamity rather than by virtue of the act of the landowner changing the use of the property. Purpose Provides economic relief to property owners when their real property has been removed from designation as forestland due to a natural disaster. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Normally a repeal of a property tax exemption results in a shift of property taxes. exemption However, this is a repeal of a compensating tax exemption, which results in a revenue gain for both state and local taxes. Potential ($ 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 $0.000 $0.000 $0.000 Assumptions Of the counties responding to our survey, none reported use of this exemption. Taxpayers may use t