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.
I think we (here) have taken the 200 plants to be gospel. From what I remember some MSM said around 200 plants had been found in the inside grow op at one property. This was probably an estimate and could easily have been 200 - 500 plants (coming from a farmer who still isn't great at estimating how many tomato plants his staff have planted each week). In my mind the "200" plants could have been twice as many and also there could have been 2000 plants at the other two locations (and there may have been more than 3 locations in total that the family had - after all they have multiple blocks of land).