Some types of properties are exempt from real estate taxes. These include qualifying nonprofit and religious and government properties. Senior citizens, veterans, and those eligible for STAR (the School Tax Relief program) may qualify for exemptions, as well. There are also often exemptions for low-income individuals.

What is exempt and nonexempt property?

Exempt property refers to any property that cannot be claimed by creditors in order to satisfy the borrower’s debts. Non-exempt property refers to any other property that may be reached by creditors. It is important to note that what actually constitutes exempt and nonexempt properties may vary from state to state.

Are there any restrictions on buying a piece of land?

This is a big one as land can have a variety of restrictions that you couldn’t even begin to imagine. And the crazy part is that owners can legally put ridiculous restrictions on land that has to be adhered to by the next owners. Some restrictions can even last forever on a piece of land.

How does the purchaser protect their interest in the land?

The purchaser owns the beneficial interest in the land and property; The purchaser may protect their interest in the land by registering their interest. For instance, if the land is unregistered, the buyer can protect their interest by registering a Class C Land Charge against the property.

Can you buy land over someone else’s property?

If it’s on a main public road, you’ll likely have no problem. Many times, especially in rural areas, the only access to a piece of land is over someone else’s property. Without what is known as an “easement,” your property is considered landlocked. Ensure that a right-of-way easement is granted, in writing, before you agree to buy the land.

What’s the best way to buy vacant land?

“Buying a vacant plot, paying it off and then saving up to build used to be a great way for buyers to get a foot on the property ladder in an affordable way,” says Bill Rawson, Chairman of the Rawson Property Group.