Have you been taking Oregon’s property tax exemptions for your farmland? I don’t think changing the schedule you file with the IRS will change the property classification on your county tax rolls, especially if you’ve been taking the exemptions. People in our state who own land that’s been classified as farmland or forestland get a huge tax break on those acres, so changing the schedule wouldn’t help them because they’d lose an enormous amount of money. I’d check carefully before making changes on the off chance it will increase your financial aid. If you reclassify the property, you may have difficulty changing it back after the children graduate.