Farm Land for Sale in Buncombe County NC-Asheville Farm Land
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Lower Taxes on Farm Land in Buncombe CountyPublished: September 27, 2012
Looking for farm land for sale in Buncombe County NC with VIEWS, CREEK, and PASTURE? And lets not forget low taxes!
Thornton Realty has several farm land listings that are in a agricultural tax deferment program or otherwise known as a "Present Use Value Program" . This are a collection of North Carolina state-wide programs that are carried out by each county in NC. When looking for real estate in Buncombe County North Carolina be sure to ask your real estate agent about these tax deferment programs as many farms and forest land properties are in these programs and can help the land owner with keeping these NC lands in tact and not having to sub-divide in order to pay the freight.
Below is an exert from the Buncombe County NC website that explains the program.
" The North Carolina General Assembly enacted the Present-Use Value Program, which allows reduced tax assessments for individually owned property used for agriculture, horticulture or forestry. Property accepted into this program is taxed at its “present use value” as a farm. This value is usually less than the market value of the property. The difference between the market value and the present use value is “deferred”. When the property or a portion of the property is removed from the program for any reason, he deferred taxes for the current year and the previous three years plus interest becomes due. Applications for this program are taken during the listing period in January of each year. Basic eligibility requirements follow: Agricultural Agricultural use is land that is a part of a farm unit actively engaged in the commercial production or growing of crops, plants, or animals under a sound management program. The requirements for an agricultural deferment are as follows: One tract must consist of at least 10 acres that are in actual production of agricultural products. May consist of more than one tract of agricultural land, but at least one of the tracts must meet the requirements and each tract must be under a sound management program. Must have produced an average gross income from agricultural products of at least one thousand dollars ($1,000) per year for the three years preceding January 1 of the year in which this benefit is claimed. Gross income includes income from the sale of the agricultural products produced from the land and any payments received under a governmental soil conservation or land retirement program. If individually owned, the property must be the owner's residence or have been owned by the current owner or a relative of the current owner for four years preceding January 1 of the year in which this benefit is claimed. If property loses it's eligibility for any reason, deferred taxes become due for the current year plus three previous years, plus interest for all prior years. If only a part of the qualifying tract loses it's eligibility, a determination shall be made of the amount of deferred taxes applicable to that part, and that amount shall become payable with interest."
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