It just takes time

[weldingisfun]

Don't feel bad. My wife and I bought our property back in 1989... we wave at it when we drive by it once or twice a year!

Nah, we go out there, mow trails, cut firewood and dream. But we still can't afford to build, yet. We were mighty close until last year. Then things changed a bit, jobs aren't so secure, etc... But we still live in our tiny old house that is warm, cozy and paid for. Things could always be worse.

Relax, you still have a couple of years to go. We did nearly the same thing. Wife bought the land in '81 (I was in Germany) and we finally built on it in '03. The last 5+ years has been great.
Like the thread reads "It just takes time". When all is said and done, it is worth it.

 

[Highbeam]

Wow mike058, we are now very similar. I have a lot on the peninsula that is cleared and ready for a home and so do you. We both live in our regular houses though.

In the meantime, you could apply a "current use" zoning on the property as open space or recreation and save on the taxes over the current residential tax rate. I am considering that to save a couple grand a year. My property got a major reassessment last year up about 100,000$ for just land value.

We don't plan to move out there or build for several years so I own a tractor and bring it out there for maintenance. Sometimes we camp there and two weeks ago I met some friends for some clay pigeon shooting.

Try to enjoy what you've got.

 

[ultrarunner]

In the meantime, you could apply a "current use" zoning on the property as open space or recreation and save on the taxes over the current residential tax rate. I am considering that to save a couple grand a year. My property got a major reassessment last year up about 100,000$ for just land value.

Is there a downside to changing the current use zoning?

 

[txdon]

Hi 2manyrocks,
It sounds like you might live in Texas, or a place that has a similar approach to tax valuation. Up until a few years ago, valuation was done according to similar sales. Now, though, the state determines what the value should be. That makes it hard to challenge valuations because they aren't based on comparables any more.
Butch

I don't think this is right. In Texas tax appraisal valuation is still done by similar sales. My source is: Property Appraisal
"For example, the value of a home is an estimate of the price a home would sell for on January 1. The appraisal district compares a home to similar homes that have sold recently and determines the home's value."


The last time I protested was three years ago, if this is old info and the tax code has changed please give your source.
Thanks.

 

[Highbeam]

Is there a downside to changing the current use zoning?

The downside is that when you convert back to residential zoning you have to repay the backtaxes plus interest for the last 7 years. Years 8, 9, 10 and so on are free. This is a current use and not a rezone so the underlying zoning is still there.

There is timber, ag, and open space zoning among others. Call your county to see what it would get you. Most times you take a zero off of your current tax for a 90% reduction.

 

[mikim]

One of the issues with Texas property though is that the purchase price is not a matter of record. On a cash sale you'll often see the price paid as "10 dollars and other considerations". It goes back to the old Texas attitude of "never ask a Texan how many cows he has, if he wants you to know, he'll tell ya". The only thing that is on record is how much was borrowed for the purchase.

 

[txdon]

Mike, is it ethical for real estate agents to divulge the selling price? ...I mean if it benifits you. I already know it's unethical if it benefits the county.

I spoke with an appraiser today the law has not changed, sales of comparable properties are the basis of the appraisals in Texas. If the property is very unusual they can go to surrounding counties for comparable sales.

Real estate prices have not dropped in Lee County so our taxes are not going down.

 

[Highbeam]

Sales price in WA is public record and serious business since they charge a tax based on the sales price. I think it's called excise tax and it is like 2% of the sales price. 2% for them, 3% for selling agent, 3% for buyer's agent, etc. When you lose 10% for this fluff it's not wonder that prices went up.

 

[LBrown59]

Sales price in WA is public record and serious business since they charge a tax based on the sales price. I think it's called excise tax and it is like 2% of the sales price. 2% for them, 3% for selling agent, 3% for buyer's agent, etc. When you lose 10% for this fluff it's not wonder that prices went up.

Ohio has no sales tax on property.

 

[mjarrels]

Washington State soaked me with taxes when I sold a home there... Still made money and was able to eat at Golden Coral three times a week while my wife and daughter were visiting the Philippines! Yikes... had a few missiles fired at me too... Dang ship moved! Nothing like tax free combat pay!

mark