You don't say if its cleared land or timbered. In NC and other states too from what I read you can get it setup as a farm and pay reduced property taxes. Also you can put it in CRP land (conservation plan). That option isn't for me as once its set up that way it will always be that way. The state or gov pays you a nominal fee per acre to let it sit as it is (I think).
Here in NC if you have at least 5 acres you can go for horticulture type farm. Simple rules really on this type of farming. Plants/fruit trees, bushes are perennials, you have to make $1k per year or $3k per 3 yrs. You can add other tracts of land together too.
Agriculture farming needs at least 10 acres. Even if you lease it to someone and do nothing to it yourself you make a little on that. Livestock counts as agriculture here.
Timber farming minimum of 20 acres and a timber management plan. THen you harvest as you see fit.
All 3 of the farming methods mentioned above will reduce your property taxes by about 85%. If you quit doing either one/meeting the requirements you have to pay what you would have had to pay + interest from the last 3 yrs.
I do the first and third type (no crp). We have a pick your own farm for fruits and some veggies. Fruits are our main "crop" though for the horticulture designation. With the investment of trees/bushes/tractor etc my break even year was after 7 yrs. Meaning If I had paid full tax rate on my PYO farm. Timber costed me $100 an acre to plant (plus I got 40% back from state to plant them), mgmt plan was $300. I plan to thin the pines in about 10 more years or so and make a little money from that. The real timber harvest would be in about 30-40 years down the road. Or whenever the new owner determines they want to sell it. I doubt I will be around then.
Someone suggested checking with your agriculture extension agent. It is a good idea. AND... for new farmers (under 10 yrs in business) you may qualify for grants etc. to help you get started.
Good luck with your new land. hang on to it as long as you can, they ain't making much more of it and it goes up in price...
Interesting article about them making new land!
www.dsboffshore.com
