how to buy land in Canada? if I buy a land Do I need pay property tax for unused land?
110450
"From a residency point of view, if you plan to stay in Canada for 6 months or less each year, the government considers you a non-resident, which means that you can still open a bank account and buy property, etc. If you plan to live in Canada for more than 6 months per year, you must apply for immigrant status.\nIt is important to note, however, that while the majority of Provinces (British Columbia, Ontario, Quebec, Nova Scotia, Newfoundland, New Brunswick) have no restrictions on foreign ownership of real estate in Canada, some do limit the amount of property/land that a non-resident can purchase. On Prince Edward Island, non-resident buyers must apply to the Island Regulatory and Appeals Commission for land over 5 acres in size, or land with a shore frontage greater than 165 feet. In Manitoba, non-residents are prevented from owning farmland unless they actually plan to move there within 2 years. Non-residents may not own land over 10 acres in size in Saskatchewan, whilst in Alberta they may only own up to 2 plots of land not exceeding 20 acres in total."\nhttp://www.assignmentscanada.ca/buyingincanada.html\n\nProperty tax is levied on all property and rates vary according to market value and usage. However, this is a considered to be a provincial matter, and the rules, rates and regulations vary significantly by Province. \nFurther information is available from the Canadian Property Tax Association: http://www.cpta.org/\nLinks to Provincial Governement websites are listed here: http://canada.gc.ca/othergov/prov_e.html\n\nTo find residential properties that are for sale, the official source is the MLS website: http://www.mls.ca/\nTo find commercial property use: http://www.icx.ca/map.aspx\n\nYou will also need a realtor and a lawyer in order to complete a purchase.\n\nFor a realtor, choose one that is dealing with a lot of similar properties in the area that you are looking for and make sure that you get some referrals from previous clients.\n\nThere are a number of lists of lawyers available online, here is just one example.\nhttp://www.lawyerlocate.ca/Canadian-real-estate-lawyers\n\nIf you are a member of a business networking organisation (such as http://www.bni.com/ ), contact your group and see if they have any links with Canadian groups in the area. \n\nFor tax information regarding the sale or disposal of property by a non-resident, the Canada Revenue Agency provides the following: http://www.cra-arc.gc.ca/tax/nonresidents/common/disp/menu-e.html
1005894
Try taxation office of the county.  Whoever owns 50k acres of the land pays a lot of tax on it :).\n\nRival
232417
Check with your local revenue & tax agency or land management agency. Hope this helps.
999581
Where is the land and do you own it outright????
301091
Generally it really takes one or the other. Also buying land is even a little trickier than buying a house. Its tough to get land financed since there is really nothing used as collateral. So usually it requires a bigger down payment. Having said that some other options might be to check out your local courthouse and find out if there are any tax sales in areas you might consider. These properties are behind on taxes and get auctioned off to the highest bidder for usually significantly less than market value. Also drive around and inquire about run-down properties, research owners, or find buy-owner properties. Working with an individual person might get you a deal you can handle. But try to save up for a down payment because without good credit, money is the only talker left.
923841
what is LTCG?\n\nif u sell a land the tax is applicable and is calculated the difference amount of ur selling price and its buyingprice and inflation
556429
If you are planning on expanding your property, i wouldn't buy it since it cannot be built on. But, if you are just wanting it to be your property and are keeping the woods, or extending your back yard, go for it. In closing costs, they would be lower than purchasing the house because the lot would have a far lower tax amount and I don't think it would need insurance. Of course, Title company fees and Realtor fees would be the same. They will give you documents with your title papers that will tell you what the taxes will be on the property and they will be separate from your taxes on your home because taxes are charged per lot unless they are surveyed together.
341493
I would contact a tax professional.\n\nYou might have to pay capital gains tax if it is not your primary residence, but I DO NOT KNOW. I would contact a tax professional.
1094143
Buy on land contract, or rent-to-own.
456285
The only way is to EXCHANGE them for other income property, called a SECTION 1031 TAX-DEFERRED EXCHANGE.  There are rules and time limits, and you cannot take out any cash without paying taxes on it.  If you cash out and just sell the properties, there is nothing to help offset or eliminate the capital gains tax at both the federal and state levels (if your state has income tax).  For more information, you can go look at the Federation of Exchange Accommodators website www.1031.org.
1140278
Very bad. What if they sell the land out from under you? This is not a good idea at all.
812162
Yes you will have to pay. It is not your primary residence. However, you could defer the taxes through a 1031 exchange and purchase a similar property and not pay taxes right away. This probably won't help you because you want to pay down your mortgage though.
146388
How long have you owned the house.  If you have owned the house for more than two years, you shouldn't have to pay tax, however, this is CA law and you needed to have used the house as a residence.  Also, if you invest the money in a different property you shouldn't have to pay.  There is a transfer form.
639809
I'm not familiar with tax law in Missouri (I'm in Canada), but here are some general thoughts:\n\nIn some jurisdictions if you sell your "principle residence" there would be no tax payable.  Because you are keeping the 7 acres and house that probably would not apply.\n\nIn some places "capital gains", which is what you would have here would be taxed at a more advantageous (lower) rate.  Don't know about USA and Missouri in particular.\n\nDefinitely your taxing authorities will have publications you can acquire from their web sites, and no doubt they have staff you can telephone for advice.  I would check these options out before hiring an accountant.\n\nIf necessary, it may be that a knowledgeable accountant is in order.  There may be some ways to negate or defer the taxes that are payable, if any.  For example, it might be an opportunity to get rid of some "dogs" in your investment portfolio (if you have one), and offset your property gains against those losses.\n\nHope these few comments help you out.  Taxes are a terrible thing no matter where you are.
683864
Land tends to be a terrible investment. The reason is that your only return of investment is through market appreciation. And, the only way to acquire your appreciation is through the sale of the property. In the meantime, you have property taxes to pay.\n\nIf you are buying the land for development, make sure you can build or subdivide the land for building before you purchase. Typically, a seller should provide any engineering or survey work that would indicate its suitability for development.
855958
The property has to be owned by somebody.  If the property belonged to a deceased family member and no one ever came forward to take legal possession as per a will, then most likely someone else owns it now.  It would have been sold for non-payment of property taxes.  If they know the municipality in which the property was located then check with the local tax assessors office.
718639
It doesn't matter where you reside, look at the areas surrounding your immediate cities and other surrounding areas.  \n\nI find that purchasing raw land 10-15 miles outside a city normally works really well and is the land is cheap in most instances.  \n\nDepending on how much you have to invest and the cost of land near where you live. Try and buy the minimum of 4-5 acres. A good size property to purchase if you are a small time investor as I am would be 10-20 acres, developers will purchase those type all the time for single family homes.  Make sure that you get from the county the zoning of the property. That should not really concern you as you are planning to sell it anyway.\n\nDon't be concerned if utilities are not built to your property as of yet, eventually the city will build the utilities out to where you are. You must continue to pay property taxes on the property and any improvement tax assessed by the city. If they build the utilities out and past your property, you could be accessed a utility tax, sometimes this is a one time tax, other times it is done over a few years depending on how the local govenrment vote on the payment.\n\nI find this to be an excellent way to build a trust for my grandchildren's education.\n\nYou will find that being a land speculator is a good business and not only that but profitable. As you gain more experience you can and would want to go out further, bank the land. I try and sell about 10-20 acres per year or more. I try to purchase about 50-60 acres per year.\n\nI don't know if there are any land properties in your area but try this site they sell land and the sign up is free. they also have a booklet you can receive in the mail.\n\nYou should always look at a piece of land before buying it.\n\nwww.landauction.com\n\n \nI hope this has been of some use to you, good luck.\n\n"FIGHT ON"