Green Acres withdrawal deadline extended to Aug. 16
Minnesota farmers now have a few more months to decide on property tax treatment for any non-agricultural, class 2b rural vacant land that is currently enrolled in Green Acres but will become ineligible for the program in 2013 (for taxes payable 2014).
Landowners now have until Aug. 16 to decide whether they want to withdraw class 2b land from Green Acres immediately (for taxes payable in 2011), thereby avoiding any tax payback. Landowners may also choose to leave class 2b land in Green Acres for now while they explore and pursue other options, such as the new Rural Preserve program.
The Green Acres law has always required a payback of deferred tax when land is sold or withdrawn from the program. The payback is equal to the amount of deferred tax for the most recent three-year period.
The payback requirement will not apply to class 2b land that is withdrawn by the Aug. 16 deadline. However, withdrawal is only one of several options that taxpayers should consider for their situation.
"We encourage landowners to carefully weigh their options, but not wait until the last moment," said Revenue Commissioner Ward Einess. "Once the summer growing season begins, August 16 will come fast."
Taxpayers with questions should contact their county assessor's office. For general program information, visit the Department of Revenue Web site at www.taxes.state.mn.us and click "Property Tax" in the top-left navigation menu.