Here in Wisconsin it is called Forest Crop, I believe. If you sign up to have your forest crop land open to hunters(anyone can hunt there) there is a pretty severe tax cut. If you sign up closed to hunters then the tax cut is not as good, but still worth it. But you also have to cut what timber the state guy tells you to cut.
You could do what we do. We cut enough wood off the land each year to pay the taxes. Usually it is about 10 cords of bolts for the sawmill and 10 cords of either pulp for the paper mill or firewood. It takes us about 3 weekends in January to cut that much with the equipment we have.
Brian