What is Land Tax?
A land tax is a state tax imposed upon land that’s unimproved and above a certain tax value threshold. Land taxes are levied every year and collected by your state’s government.
Also called a site-value rating, a site valuation tax, a split rate tax, and a location value tax, land tax does not take buildings into account.
The rate of land tax is broadly determined by the type of ownership and the total taxable value of your land. There may be exemptions; for example, your place of residence or residential property could be exempt from land tax.
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Disclaimer: The views, information, or opinions expressed in this blog post are for general information purposes only and should not be relied upon. We have not taken into account specific situations, facts or circumstances, and no part of this blog post constitutes personal financial, legal, or tax advice to you. You should seek tax advice from your accountant, specific to your situation.