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Paying Taxes on Land Sales
from:Like any other kind of property, you will need to pay taxes on land sales. The mere fact that it does not include a house does not exempt it from either property taxes or transfer taxes. After all, in reality, the land is the most expensive part of your property and will command the biggest portion of a tax assessment, especially if the land you own or are buying is developed land that is ready for building. You will still pay taxes on land sales of undeveloped land, but they will be less than if the land was developed. The reason for that is undeveloped land requires more work to be ready for building up to and including clearing if it is in a wooded area. Other factors may also influence the taxes on land sales such as the location and the price of other land in the surrounding areas. Of course, this is an influence even on land on which a building has been built as well, but prime land prices mean higher taxes on land sales.
It's important when you own land whether it includes a building or not to review your tax assessment. Although they are usually accurate, there may be instances where the assessment is inaccurate, and most taxing authorities only give you a limited amount of time to appeal the assessment before they consider it valid. This is only one of the reasons you want to pay close attention to taxes on land sales before and after the title change takes place. In some cases, the transfer of title is an open invitation for tax agencies to do a reassessment of your property at an overly inflated rate. By having the knowledge of what property in your area is worth, you can avoid this potential erroneous and will be in a position to know whether an assessment on your land is reasonable.
Taxes on land sales vary from state to state and even region to region, but what you want to be able to detect is paying taxes on a price that doesn't even come close to what your land is worth. Not only is it taking money out of your pocket, but also for the future, you will find it more difficult to sell the land if the taxes are extremely high, and another buyer may not understand enough about taxes on land sales to challenge the assessment. This is an area where many property owners are lacking, and they need to become more informed so that they do not pay more than is necessary in either transfer taxes or property taxes.
Va Sales Taxes News
Va. sales-tax holiday on emergency items starts Friday - WSLS
 WTVR | Va. sales-tax holiday on emergency items starts Friday WSLS Virginia residents can prepare for the upcoming hurricane season and save money at the same time. The Virginia Department of Taxation says the state's sales-tax holiday on emergency items such as batteries, flashlights, tarps and first-aid kits runs ... Virginia to Offer Hurricane Preparedness Sales Tax Holiday Va. hurricane-prep sales tax break this weekend Tax-free storm survival supplies |
Hurricane Supplies Tax-Free In Virginia This Weekend - WRIC
 The Virginian-Pilot | Hurricane Supplies Tax-Free In Virginia This Weekend WRIC The first robbery happened around 5 pm at the 7-ElevenMore >> RICHMOND, Va. (AP) - Virginia residents can prepare for the upcoming hurricane season and save money at the same time. The Virginia Department of Taxation says the state's sales-tax holiday ... International Paper's fluff plant starts production in June |
Virginia grants sales-tax holiday for hurricane prep - Washington Post (blog)
 al.com | Virginia grants sales-tax holiday for hurricane prep Washington Post (blog) By Laura Vozzella Visitors play in the wind as Hurricane Irene passes through Virginia Beach, Va., in August 2011. (Steve Helber - Associated Press) That's the thinking in Virginia, where the approach of hurricane season means a sales-tax holiday. May sales tax holiday Virginians get tax holiday to prep for hurricane season Upcoming Tax Holiday Encourages Hurricane Preparation |
Fitch Rates Virginia Beach Development Authority, VA's $49.8MM Revs 'AA ... - MarketWatch (press release)
Fitch Rates Virginia Beach Development Authority, VA's $49.8MM Revs 'AA ... MarketWatch (press release) Sales taxes, which represent close to 6% of budgeted revenue, are 2.4% ahead of fiscal 2011 collections and expected to meet budget for the year. Efforts to diversify the economy away from its traditional concentrations are on-going with the city ... |
Hurricane Sales Tax Holiday Underway - WINA AM 1070
 WINA AM 1070 | Hurricane Sales Tax Holiday Underway WINA AM 1070 The University of Virginia has adopted a budget for the next academic year that includes a raise for the lowest paid workers. The University of Virginia has an ambitious construction schedule this summer. The board that oversees the Rivanna Water and ... |