California Property Tax

In the early 1970’s the Congress passed legislature implementing the taxing of private forest lands and cutting down timber. Until that time, timberlands were subject to the property tax like most other kinds of real property. Though forest property realizes harvest income in a 40-60 year band. California property landowners still find the law lees than equitable as they are forced to pay property taxes year after year on timberlands when no profit was being realized and despite the assessed value was not calculated using the usage of land for timber growing. California Timber Yield Tax requires property owners to file tax returns and pay tax every quarter. California property owners must file a return despite the fact even regardless if the owner does not harvest timber or have tax liabilities. Late payment or non-payment will result in hefty fines. Read the Timber Yield Tax Law December 2006.