Does anyone know how property taxes work for land without a permanent structure? Do you still pay the same tax rate based on the value of the land? (For example, here property tax is 1.25%. So you pay 1.25% of the value of your house every year. But what if my lot had no house on it? Would I still pay 1.25% of the land value?)
I am trying to estimate what Chris's liability was for property tax each year. If he owns 14 pieces of property, which total 200 acres (that is totally made up - just for arguments sake) and each acre is worth $1,000 a piece (so $200,000 in land value -- again totally made up). Does he pay the same county property tax rate of (2% x $200,000 = $4000)? Or is property taxed at a lower rate if it has no permanent structure?
Do barns count? Do you pay property taxes on those?
Thank you in advance for anyone who can help solve this. I am trying to see if maybe he had to pick up a new income stream (rumors that the business was expanding) to cover all the land expenses.
It's all inconsequential really. I'm trying to wrap my mind around whether 200+ plants is truly "commercial" as described, or just enough to pay the bills. I am not buying that it was worth $500,000 a year after hearing from our Mary Jane experts here earlier today.
