|
| Author |
Message |
woodrow03
Member
|
# Posted: 25 Mar 2015 09:37pm - Edited by: woodrow03
Reply
We received our 2016 property tax proposal today in the mail.
We are located on a 860 lake in northern Minnesota.
1.16 acres. 151 ft of shoreline
Year we bought it the lot was valued at 89k
Purchase price was 37k (Cash offer)
Last year it was 66k
2016 proposed tax value is 26k
No complaints on our end because we dont plan on selling anytime soon.
And our yearly tax is 208$ total from 700$ the first year of ownership.
Our "Shed" adds 2k value to lot as well.
What's the deal?
Anyone else experience this?
|
|
turkeyhunter
Member
|
# Posted: 25 Mar 2015 10:12pm
Reply
I feel your pain...on taxes
my northern camp....doubled 1st year ( as they say revaluated taxes on camp as per sale they say) ...2nd year
still even higher....now ...this coming year it is crazy $$$$ proposed taxes....I see a 4sale sign on mine in the future.
I use my southern camp weekly....and it has cheap taxes.
And I can use it 12 months out of the year...the Northern camp is seasonal at best.
|
|
beachman
Member
|
# Posted: 26 Mar 2015 06:18am
Reply
Are you saying your valuation and you taxes went down? If so, then in this era of cash grabs, do not complain nor question the values. In the end, market value is all that matters, and that you will only find out when you get an offer or go-to sell.
|
|
turkeyhunter
Member
|
# Posted: 26 Mar 2015 06:38am
Reply
Ok I miss read it...your taxes came DOWN .....one word AMAZING!!!! I would be happy happy happy
|
|
Wilbour
Member
|
# Posted: 26 Mar 2015 02:19pm - Edited by: Wilbour
Reply
I got a call from the assessment people. They saw where I paid $18000 for my property. They asked if it was a family purchase because it was valued at over $34000 to them. I said the last few properties in the area were sold for what I paid.
They told me if I wished I could get it re-appraised but at $94 a year for taxes I said I would leave well enough alone
|
|
Littlecooner
Member
|
# Posted: 26 Mar 2015 06:28pm
Reply
I did a "5 minute" search on the web for the guidelines for Minnesota. It appears they do a reappraisal every 5 years, so sounds like you property just finished a 5 year cycle and now for the next five years, they will have your lot value at the 26K figure you quoted. Sometime when you are sitting at your computer, log onto the county GIS you live in and look at what they have the value of the different properties that adjoin your lot. That will tell you quite a bit about the valuations. Their appraiser are highly trained and certified and required by law to appraise at fair market value. most of the time for raw land, that is done by obtaining the records of land that has sold in your neighborhood. I see you are like most states, they are things like "homestead" exemptions and other exemptions which can be a major break on property taxes. Did you go and file a homestead exemption on your property? In my state, the simple rule is that a rental property or anything other than my residence falls into a tax category where the amount paid is double what it is if its my only property where I reside. So tax bills on similar value properties can vary widely from what is paid, due to the type of ownership. Enjoy the low taxes, sounds like property values have taken a drastic dive in you part of the world, just like they have everywhere around me. I can show you some stuff in Florida that is only worth (actually selling) for about a 1/4 of the price it sold for 8-9 years ago.
|
|
Malamute
Member
|
# Posted: 26 Mar 2015 10:56pm
Reply
Mine have been pretty stable. Nice that yours went down though!
I had some property for sale once, and the taxes went WAY up after I bought it. I called the assessor and told them they had it valued for more than I had it for sale for. They lowered the assessed value for me.
|
|
woodrow03
Member
|
# Posted: 28 Mar 2015 05:43am
Reply
Definitely no complaint on paying lower taxes...very happy about it.
Littleconn, good info. Ill have to get on GIS when I can. I hear what you are saying about local sales in the "neighborhood".
Our property is in a section of land (80 acres) which the county let the seller subdivide. 10 lake front lots. Original asking price was 99k. 10 back lots for 19k A clause in the developers deed/bank loan required them to lower the price ever year or so if sales were not being made.
All but one lakefront lot has sold in the price range of 55k to 37k depending on the time of the sale. The one next to us just sold for 50k.
However the back lots sold for 3-5k when we bought which is diving our value/ taxes down on our waterfront lots.
Being new owners of lakeshore property I assumed the accessor would compare the lot value differently.
In my case I'm glad they have not
|
|
|
MJW
Member
|
# Posted: 28 Mar 2015 12:56pm
Reply
My taxes were $10 this year.
I ain't complaining.
|
|
SandyR
Member
|
# Posted: 29 Mar 2015 08:07pm
Reply
Wow. I paid about $200 and I am not complaining.....
But.....$10 would be better.....
|
|
paqcrewmama
Member
|
# Posted: 30 Mar 2015 07:12am
Reply
Town where our cabin is located is valuing the property and cabin at 144,000! We only paid $55,000 and have removed falling down, dangerous structures we were being taxed on. Begging for reassessment to get our tax bill down. They actually tax us on 103% of value (yes, I pay taxes on more than then the value-imagine the IRS-hey, you made 100,000 but we're taxing you on 103,000). UGH
On our regular home though, we've seen the value drop to almost what we paid for it 23 years ago. If you aren't planning on selling you're all set.
|
|
jbos333
Member
|
# Posted: 31 Mar 2015 08:03pm
Reply
Be glad you're not in New York!
Unimproved land 80 ac. on dirt road = $2000/year taxes
Add a modest 1200 s.f. ranch, add $3500/year more
$5500/year!
Western NY, nowhere near NY City
|
|
toyota_mdt_tech
Member
|
# Posted: 31 Mar 2015 10:17pm - Edited by: toyota_mdt_tech
Reply
My first 20.25 acres was $25 a year in taxes. It slowly went up, to about $32. Then I built the cabin. Now its $208 per year. The new 20.27 acres I purchased next to me is $32 a year. So for 40.52 acres with a cabin, cost me $240 a year. They removed 1 acres from timber status for the cabibn and I am taxed at the normal rate for the structure based on square footage. But the other 19.25 remain in timber status.
I am in "timber status" and makes owning timberland really priced well. I am considered a timber/tree farmer in the eyes of the state. They like the fact I am supplying habitat for wildlife and "woodfiber" for the community. They also changed it to where I was no longer required to have a harvest plan as they realize "old growth is also beneficial to the community" To get these in timber status, I have to submit a "forest management plan" to the county assessors office. I hired a professional forester to do this. It must be renewed every 10 years. I just renewed my first 20 this year and had to submit another plan for the newly acquired 20. The forester charges $300 per plan, I got a discount for doing both at the same time, ie $500. So I am good for 10 years.
I can only take up to 10% out of forest and still be eligible for the deal. That is a total of 2 acres. But being as I have 2 contiguous lots, I can combine them and now remove up to 4 acres. But the drawback to that is, if I sell the joining lot, I will lose my timber status on the existing lot indefinitely. So I wont ever exceed 2 acres from timber status.
There is different classifications other than timber. We have farmland (food production) pasture land (grazing animals) open grassland and there may be others.
If you have it under pasture land, you had better have grazing animals, ie horses, cows etc. If you dont, the county can fine you and assess back taxes. They are giving you a tax break, but you have to be using it as such.
|
|
Littlecooner
Member
|
# Posted: 1 Apr 2015 05:34pm
Reply
Quoting: toyota_mdt_tech I am in "timber status" and makes owning timberland really priced well. I am considered a timber/tree farmer in the eyes of the state. They like the fact I am supplying habitat for wildlife and "woodfiber" for the community
Great move. yes you are a tree farmer. Keep it that way, its a renewable resource and the American Way. Most states appear to have a great handle on fair taxes. Why would you ever consider selling any of a 40 acre tract if you retained ownership in the "Small Cabin" for a week end get away? The grandkids need a place to learn about growing timber, nature, taking a game animal and cooking it for food the next day. That idea appears to be going away fast in America. Congratulations. Keep the taxes low, move to the country in a Small Cabin and grow trees, vegetables and hunt for meat and protein.
|
|
|
