[svcw]

No, you are not the only one. Yes, there is little they do that is not tax exempt. Last estimate was the lds church is worth $4 billion.

[OldNewYork]

This seems like a prime example of willful abuse of the tax-exemption for churches. How has their business affected other, similar businesses in the area that have to pay their own taxes, plus make up for the taxes not paid by the LDS church ranch? Their environmental stewardship is great, and, knowing the general intelligence of Mormons, I’d expect is well run, but all that just seems like window-dressing on something unsellable when you actually look at it closely.

[oremites]

The LDS church does pay taxes on this ranch. It is not tax exempt.

I found the following information on wikipedia, so take it for what it's worth:

The remaining assets include direct investments in for-profit businesses managed through Deseret Management Corporation. Although the LDS church is a tax-exempt organization, its for-profit entities generate "unrelated business income" that is subject to federal, state, and local income and other taxes.

Subsidiaries of Deseret Management Corporation
Agriculture - Farmland Reserve Inc.
Farmland Reserve Inc. - over 312,000 acres (1,260 km²) in Florida (dba Deseret Cattle and Citrus).