Quote:
Originally Posted by Rusty
What does "under current use" mean? It's all wooded land without any houses on it.
|
If you have more than 10A of undeveloped land, say forested or farm land fields, you can apply to have the land taxed based on the "current use value". The current use value of the land would be much less for forest land than say highest and best use like a sub-division.
This results in much lower taxes and is to encourage the preservation of forest and farm land. If and when the land is developed then a "land use change tax" penalty must be paid, 10% of the developed land (house lots) value. This tax revenue can in turn (local town option) go into a conservation fund to help preserve other undeveloped land.