Posted by Doug - Iowa on December 17, 2020 at 09:26:29 from (216.248.81.129):
In Reply to: Farming in the Burbs posted by Traditional Farmer on December 17, 2020 at 08:52:25:
School me a bit on this please. What happens to property taxes in a case like that? I've heard multiple horror stories about this type of situation but really don't understand what is going on in the big picture. Say my field is zoned ag and the owner of the field across the road wants to sell for the $7M development. The county (or city) sees a big lump of tax money ready for the taking as soon as they zone it for residential. I would assume they could change my zoning from ag to residential and up my taxes? So now I can't afford the taxes, the developer offers me a $7M deal and I take it. Now the problem just moves to the property owner next to my ground? Add a little insider info sharing between the officials and the developers and it looks to me they got you no matter what. Not to mention the capital gains taxes and fees, so the property owner gets a fraction of the value, and the developer and government take the rest.
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