Your principals come to you and say they want to buy a ranch or some kind of agricultural property, and they’d like to set it up as a business to qualify for an agricultural property tax exemption. Now what?
Colorado based Director of Properties and Agricultural Manager Stephanie Galetzki has helped several families and family offices navigate the process, and in this episode of the Easemakers Podcast, she shares everything you need to know.
Tune in to hear reasons to set up land for agricultural purposes and reasons not to (and what each option means for the principal's lifestyle and their property tax bill), the conversations you need to have with your principal up front, and the differences between an estate and an agricultural property when it comes to staffing, operations, and accounting for expenditures. Plus, learn how to figure out your tax laws and eligibility requirements, who can help point you in the right direction, and why it’s important to network with other farmers and local government officials.
For anyone curious about managing agricultural properties, this episode is a must-listen!
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The Easemakers Podcast is presented by Nines, modern household management software and services built for private service professionals and the households the support.