Land tax question

[LordBalfor]

Originally Posted by w1ngzer0

You have 10 acres. The surrounding land somehow skyrockets in value because of developed area surrounding your land. your land skyrockets in value, your taxes skyrocket, and you can no longer afford to pay taxes.

Is this correct?

Of course you left out the upside - you sell your land for a ton of money and buy cheaper land elsewhere. Anyone who simply lets their land be seized in such a situation is an abject idiot.

Ken

[observer53]

Originally Posted by w1ngzer0

You have 10 acres. The surrounding land somehow skyrockets in value because of developed area surrounding your land. your land skyrockets in value, your taxes skyrocket, and you can no longer afford to pay taxes.

Is this correct?

If the surrounding land is developing, and the land in question "skyrockets" in value, one should be able to SELL it for a decent profit before they would just let it go for the taxes. I agree with Lord Balfor. Sounds pretty stupid, to me -- not getting "s***ed" at all.