Things you need to know: Every farmland residence plus one acre of land will be classified in the residential tax class. Farmland, farm buildings and eligible bunkhouses are classified in the farm tax class if approved by Agricorp under the Farm Property Class Tax Rate Program.

How is farmland taxed in Ontario?

One of the ways the Government of Ontario supports agriculture is through the Farm Property Class Tax Rate Program, also known as the “Farm Tax Program.” If you are eligible for the Farm Tax Program, your farmland is taxed at no more than 25 per cent of your municipality’s residential property tax rate.

What makes your property a farm?

Properties between 20-160 acres must apply for agricultural designation. However, if your parcel is less than 20 acres you still may receive agricultural designation if you apply for and meet the following criteria: 1. Produce and market $1,500 of agricultural product on the property.

How to apply for farm property tax reduction in Ontario?

Any Farm Tax inquiries to OMAFRA ‘s Agricultural Information Contact Centre will be routed appropriately. OMAFRA and Agricorp are committed to ensuring a seamless transition of the Farm Tax Program. As a farmland owner in Ontario, you may be eligible to apply for a property tax reduction through the Farm Property Class Tax Rate Program.

Is there any way to lower your property tax?

Some states have more favorable property tax levels, but there’s generally always some kind of tax to pay for municipal services. You will never be free from property taxes while you own your home, but there are a few simple tricks you can use to lower your property tax bill.

How can I get a tax break for my farm?

This will permanently reduce the market value of your property and allow you to claim a deduction on your tax return. You can also tap tax breaks for alternative energy, like using solar panels to generate electricity for your farm.

What is the tax rate for farm property?

The remainder of the farm assessment on the property will be taxed at 25% of the residential tax rate Farm properties that do not qualify under the program will be taxed at the residential rate.