I understand that any plot of rural land over 5 acres is usually classified as agricultural, which is the cheapest tax designation. If I wanted to create a sub-development of some sort, would it be smart to locate this "agricultural land" and convert it in order to save $$$ on taxes?
Just a random question, thanks.
No one wanted to tackle this one, huh?
That's not random at all and it's a smart question . Here's the deal in Indiana - first you Accesss the county or municipal plan. If your parcel is in a 'future use zone' that matches some type of development you have the interest and capacity to effect, apply for zoning that your development will demand And for annexation into the city limits for the water / sewer etc etc Seevices your development demands. You can google the processes named above . This next element is KEY-- 'Devolers Discount
Which means your tax base remains AG until the land is physically developed and not merely an idea. So you've captured value by rezone and annexation before a single earth mover fills a bucket . I don't know where your parcel is, but certainly hope it is very very near major highway and across the road from the city lImito