Deadline Approaching For Special Tax Exemption

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MANDAN — Morton County residents are running out of time for a new and improved tax exemption.

Interested residents have until Feb. 1 to submit for the Farm Residence Tax Exemption.

The exemption is for Morton County property owners who own buildings on their agricultural land that are used in their self-employment as farmers or ranchers.

When filling out the paperwork there are some key items you’ll need to know:

  • At least 66 percent of gross income must come from farming activities, an increase from 50 percent in previous years.
  • The non-farm income limit is now calculated as part of the total gross income. Previously, the limit was $40,000 of non-farm income. The limit change means more people could qualify for the exemption. For details on what is included in farm and non-farm gross income, see “Special Estimated Tax Rules for Farmers” in IRS Publication 225.
  • The gross income (farm and non-farm) must include a spouse’s gross income.

“If this is something that can help them in their financial planning in completing their tax obligations for a typical year we welcome it and we want to get the word out and have them get us their application so we can give them consideration,” said Bill Schafer, Morton County Tax Equalization Director.

The application must be submitted by the property owner and cannot include reduced gross income caused by expenses, deductions or losses.

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