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North of London | I am not exactly sure what or how they are assessing your land.
There must be some standard procedure that they can show you.
Here land is assessed on the value which is determined by local sales.
They redo the assessment every 5? years and then gradually increase (or decrease if values ever fell) over the time period until the next updated assessment of value.
The assessment is used to apply a levy depending on land use. It is less for agriculture land than for residential or commercial. Our houses and lot around them are assessed at the residential rates like houses in villages.
That still does not prevent large increases in taxes. For example a few years ago bare land we owned increased 60%, another parcel with a small shed on it 58% and where we live 50%.
Ag land prices had a large increase in value
It does not make any difference what you produce or how profitable it is to the tax on property.
Profit is taxed as income tax. | |
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Update on property tax increase.
