"We pay both real property taxes and personal property taxes ... just like any other ag producer or rancher," said Bills, spokesman for Farmland Reserve.

In Nebraska, the structure of corporations seems to work like this: the Church of Jesus Christ of Latter-day Saints owns Farmland Reserve Inc., which owns the land ranched by AgReserves Inc.

When AgReserves Inc. makes profit ranching it pays taxes. Then AgReserves pays rent to Farmland Reserve Inc., which pays taxes.

But AgReserves also sends an unknown amount of profit directly to the church. The church doesn't pay income taxes on that money.

Religious organizations are exempt from paying property taxes on land used directly for their nonprofit mission, Brunson said. That's why the church's temples aren't taxed.

But the church's ag land isn't eligible for that tax exemption since it's run by a for-profit corporation. Farmland Reserve is paying property taxes on ag land in all five Nebraska counties, those counties confirmed.

https://www.dtnpf.com/agriculture/web/ag/news/business-inputs/article/2024/01/09/mormon-church-top-purchaser-nebraska#:~:text=Religious%20organizations%20are%20exempt%20from,by%20a%20for%2Dprofit%20corporation.