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Re: Re: Re: Re: Ideas on purchasing a farm
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Posted by dhermesc on December 10, 2003 at 13:20:19 from (65.141.162.46):
In Reply to: Re: Re: Re: Ideas on purchasing a farm posted by Mike (WA) on December 10, 2003 at 08:10:41:
"When you talk about "preservation farms" I assume the "developement rights" have been removed, and it will forever be a farm- but those farms will increase in value also, as more rich people look for "rural retreats"- and the closer it is to civilization, the more it will be worth" That would be my fear - some time when the state comes up short on tax funds (like tomarrow) they would decide the best way to raise it to remove Joe Millionaire's special exemption from property taxes (their view not mine). Unless you find an immediate buyer you could find yourself in a very tight position. Brother-in-law had a similar problem near St Louis with some land that lost its agricultural status when a small town (with some some greedy city fathers) annexed part of his property. Had to sell immediately because he didn't have the cash flow to pay the enourmous increase in property taxes. Really screwed up his estate planning and his long range farm plan.
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