KKearns
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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.
The yearly tax amount is on the auditors site.
All buildings count as does property with road frontage. Buildings increase the tax amount. Different buildings are assessed in different ways, a homestead costs the most.
Property that has NO development, not even ever a fence, is undeveloped and pretty cheap. No buildings at the moment don't make it undeveloped.
Forest land is cheap.
Property can be sold for delinquent taxes, generally auctioned, most pay the taxes before then.
Some of this might vary per state.
With my political work I used to work for the Board of Equalization and helped with property assessment for taxes.