Real estate terms??? TX

Anonymous-0 · Mar 1, 2009

May not be unique to TX, but was looking through some realestate magazines the wife brought back from TX and there was a bunch of places that used the term AG Exempt and Weldlife Exept. What do they mean?

Dave

rrlund · Mar 1, 2009

Can't speak for Texas,but in Michigan Ag exempt means it's exempt from 18 mils of property tax.

Anonymous-0 · Mar 1, 2009

It doesn't mean a thing untill you get something in writing verified to be true.

I would suspect many a real estate sales persons will say just about anything to make sales.

Good luck.

JDemaris · Mar 1, 2009

Different parts of the country allow different expemtions for different reasons with differing rates. I get ag exemption from my farmland in Michigan. So, as an out-of-state landowner, I get the same rate as a person who lives there and claims the Homestead exemption.

I also get a forestry exemption here in New York. Simply means I get a discount on my taxes, but still have to pay some. I also own a piece that gets a wetland exemption.

Anonymous-0 · Mar 1, 2009

Ag-exempt means that you'll only pay the amount of tax on what the property should produce, and not on it's market value. It's a HUGE difference in taxes! I have 61 acres that is probably worth $10,000 an acre in market value, but I only pay taxes based on the fact that it "should" produce $10,000 per year in cattle or crops. It is a HUGE tax shelter. To keep Ag-exempt status it must continuously be used for ag use, i.e. cattle, or crops, or hay production. I have a dozen cows, and cut hay on my 61 acres.

rrlund · Mar 1, 2009

The reason that you get that exemption in Michigan is because we are supposed to be blind to who owns it. We are classifying property,not passing judgement on who owns it. If it's exempt for one person,it has to be exempt for anybody.

JDemaris · Mar 1, 2009

It wasn't that simple in my case. The land had an ag exemption, but as soon as I bought it the assessor (Presque Isle County) took the exemption off. I then had to protest it and it went to a judge in Lansing who found in my favor.

rrlund · Mar 1, 2009

Yea,sometimes you have to get ugly with them. Our assesor was classifying property acording to who owned it more than what it was being used for. As chairman of Board of Review,I made a phone call to the State Tax Commission and got a stop put to that. She doesn't have her job anymore either by the way.

Sean Feeney · Mar 1, 2009

We have land here in MA with Conservation Agreements
if it was ever to be developed you have to go back to when agreement was reached and pay the back years, difference in taxes as a penalty of some sort, this also applies with some property the family has in the APA in NY.

John A. · Mar 1, 2009

Dave2 The Wildlife Exempt designation is basically the same as an Ag Exempt designation. It lets old Ranchers or Farmers (on premisis) and owners (off premisis) keep An exemption when situation no longer warrent Farming or regular ranching.
Ie-- an old ranch in need of fences and general repair, the new owner or existing owner can apply for the Wildlife exemption. Do only practices that are beneficial to wildlife improvement. Food plots, some brush control, the brush piles are good homes for quail, etc, etc.
It allows families to keep land in so-called-Ag use and not get hammered on taxes, That the bottom line on Ag/Wildlife exemptions.
Hope this helps
John A.

Anonymous-0 · Mar 2, 2009

Thanks! I hate it when she asks me something and I don't know the answer.

dave

Real estate terms??? TX

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