I need to know what the approximate tax implications are for selling a few acres of AG land to a residential developer? Ordinances in the city say it's a 3-year look back with 5% interest as of 2019. How would I go about determining the new valuation and what taxes will be do? I DO know the expected lot count of the developer but don't know how to calculate the estimated rollback due at closing.
Thanks in advance for your help.