Buying land, loan question

[T-Max]

Alot of times there are ways to lower your taxes back to ag,This can be as simple as planting hardwood trees and protecting for future harvest if the property has ever had a timber harvest.T-Max quit telling people how good we have itLOL. It is about 100% difference between recreational assessment and land assessed as ag.

You want the good news? Or the bad news? That is your local appraiser's choice. They must be willing to fight or otherwise enjoy confrontation. Our state Board of Tax Appeals had made it quite clear that you need to produce the products. You do not need to harvest them or sell them to qualify. Some Counties have done this and their appraisers don't last too long. We do not, and will not create that conflict. It is simply not worth it for anyone.

 

[buckdeer1]

My neighbors didn't catch the assessment change until it was too late so their taxes went from 300.00 for wasteland that nothing could be built on due to flooding 3000.00 yr for recreational. Since there had been at least 2 timber harvest on the land the county said if we proved forestry it would go to ag which would put back to around 300.00 per year.We planted oaks and opened the area around some bigger trees by cutting out wolf trees and taxes went back after an inspection.

 

[KSQ2]

Raw land loans are not competitive with home loans. You're much better off saving up and purchasing land with cash, especially if it's recreational land that doesn't produce income. If you do go the loan route, the farm credit agencies usually have the best rates. Many of the banks that offer home loans won't even give you a loan for land.

This!!! Save, save, and save some more and be patient!

 

[Mennoniteman]

This!!! Save, save, and save some more and be patient!

So right, and the USA is still the land of opportunity, if someone is willing to work hard and save, owning their own hunting land should still be possible. Plus, the US also has enough public land to provide hunting space for for everyone who cannot buy their own land due to circumstance.

 

[buckdeer1]

Talk to your local bank,alot of the small banks want to build a relationship with you.Right now interest rate is up so will benefit you alot to put more down. I have even done things such as combine a triplex rental loan with my land and made 1 payment.In fact I did that for many years and basically it cost me insurance and some maintenance for my farm.

 

[buckdeer1]

Also might want to check out The Land Man and The Land podcast they are pretty good