In case you missed it, this Monday (June 4) was National Cheese Day, encouraging lactose lovers to indulge in the dairy delicacy across the United States. A few states have vested economic interests in the dairy industry, even allowing for specific property tax exemptions for cheese. However you slice it, cheese is particularly important in Wisconsin, where the state domestic animal is the dairy cow, the state drink is milk, and state property tax exemptions apply to cheese in every step of the cheese-making process.
Starting with livestock, Wisconsin considers such animals, including dairy cows, personal property and exempts them from property taxation. Next, property tax exemptions may also apply to cheese processing machinery and equipment that dairy farms either own or lease. Natural cheese owned by any person, including primary manufacturers, is considered personal property exempt from taxation while in storage for the purpose of further aging in preparation for packaging or processing. However, land owned by dairy farms is generally taxable and assessed based on use value per acre.
For those of you who missed National Cheese Day, fret not. National Rosé Day is this Saturday (June 9), and provides another opportunity to pair your favorite cheeses, though alcoholic beverage taxes may apply.
Continue the discussion on Bloomberg Tax’s State Tax Group on LinkedIn: Does your favorite food receive property tax exemptions?
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