The taxation system in FSNextGen is designed to provide a realistic and challenging environment for farms of all sizes, providing ongoing reasoning to continue to run a profitable farm as you grow. The tax system is simple yet intricate, and we highly advise you take the time to thoroughly read over the documentation to ensure you understand how it works!
Property Taxation
Property taxation is the basal foundation of taxation in FSN. The more property you own, the higher your taxes will be. Property taxation has set rates depending on your gameplay style. Note that this amount also simulates various property costs like bills and the like.
12 Day - 2% of Property Value ($400 per acre/$200 non-arable)
24 Day - 1% of Property Value ($200 per acre/$100 non-arable)
24 Day Ironman - 3% of Property Value ($600 per acre/$300 non-arable)
Asset Taxation
Asset taxation is the secondary form of taxation in FSN. It is based on all your owned assets, and it simulates yearly preventative maintenance, permits and registration and the other fees associated with operating equipment. The rates are as follows.
12 Day - 1% of Asset Value
24 Day - .5% of Asset Value
24 Day Ironman - 2% of Asset Value
Improvements Taxation
Improvements taxation is based on structures you have on your land. It simulates building maintenance, permits, and other things related to building upkeep. The rates are as follows.
12 Day - .5% of Improvements Value
24 Day - .25% of Improvements Value
24 Day Ironman - 1% of Improvements Value
Contracting Taxation
Contracting taxation is given to anyone who works contracts in the 30 day tax window. The rates are as follows.
Farm Managers
1% of contract pay, regardless of value/amount of contracts done.
Contractors
Under 25k income = 2.5%
25k-100k income = 3%
100k+ income = 3.5%
Modifiers
Based on the size of your farm, you may be obligated to pay a modifier on top of the two base amounts, as seen in this formula: (Base Property + Base Asset) * (Modifier)
if on you hold any land on a precision farming server, that land is subject to a increase on taxes to offset precision farming benefits (FS19 = 10% increase, FS22 = 25% increase, FS25 = TBA)
Net Asset Valuation (NAV) | Modifier (Regular) | Modifier (Ironman) |
|---|---|---|
Under 1m | .25x | .35x |
1-2.5m | .5x | .7x |
2.5-5m | 1x | 1.1x |
5m-10m | 1.5x | 1.6x |
10m+ | 2x | 2.2x |
20m+ | 2.25x | 2.5x |
50m+ | 2.5x | 2.75x |
Homestead Taxation
Homestead taxation is only based on assets that are tied to your out of game homestead. the homestead rate is a flat rate for both assets and property as follows…
2.5% Property Tax
2.5% Asset Tax
Tax Reduction Techniques
There are several ways to work to reduce your taxes. The largest way to do so is by eliminating unused or underused assets or land. If you aren’t using it, don’t hold onto it! The next biggest way to do this is by remembering to update your equipment regularly. You will be presented the option once per 10 days to update your equipment hours. If you take the time to do this, it will update depreciation accordingly. The third way to offset taxes is to make larger contributions to your retirement fund, or to the virtual charity system.
Tax Schedule
Taxes come every month on the 5th. They will be paid immediately from your checking account. If your account goes negative, you have 72 hours to rectify before a penalty is applied. If your account continues negative for over 7 days, actions will be taken to rectify the negative balance via asset seizure.