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Max Online: 16728 @ 03/25/12 08:51 AM
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#6543291 - 11/14/16 02:13 PM Splitting house out from land for Tax and Loan
TxAg Online   content
Veteran Tracker

Registered: 01/15/07
Posts: 3487
Loc: Live in Katy, Hunt in Llano Co...
Hey guys-

Been researching buying land, and have a couple questions:

1) In the case where the land has a house on it, how do the taxes work? Say the property is Ag Exempt: do they tax the house at the local residential rate, and the remaining land at the exempt rate?

2) And, for loan purposes, will it look more like a traditional mortgage, or will it look like a land loan with significant improvements?

Thanks.
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#6543412 - 11/14/16 03:27 PM Re: Splitting house out from land for Tax and Loan [Re: TxAg]
pintailman Offline
Bird Dog

Registered: 12/04/07
Posts: 484
Loc: The Duck Hole, Texas
What you want to do is re-survey the property where it is the house and 1 acre and then the land could be set up with ag exemption.... I am a mortgage guy if you have anymore questions... Shoot me a PM....
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#6546779 - 11/16/16 04:20 PM Re: Splitting house out from land for Tax and Loan [Re: TxAg]
TxAg Online   content
Veteran Tracker

Registered: 01/15/07
Posts: 3487
Loc: Live in Katy, Hunt in Llano Co...
Thank you Pintail, makes sense.
_________________________
http://www.weaverbilt.com/
Custom Feeders and Fiberglass Blinds

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#6557885 - 11/24/16 09:41 PM Re: Splitting house out from land for Tax and Loan [Re: TxAg]
WIP Ranch Offline
Light Foot

Registered: 08/22/11
Posts: 29
Loc: TX
If it is already ag exempt, the house is considered an improvement and nothing else needs to be done. If it has lots of land it will be in most cases considered a land loan and you will probably need 20% down payment. Loan rates are generally higher for this type of loan. Maybe 5 1/2%.

If you are requested ag exemption and have met all of the other qualifications, the appraiser will assign a value to the house and the property it sits on including the yard and you will be taxed at the normal residential rates.

Even if it is a farmhouse for a farm employee it will not be ag exempt.

You really don't need to pay the expense to survey unless you are going to finance the house separate from the land.

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