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Property Tax On Farm Land

  • 22-11-2010 3:52pm
    #1
    jonnyone
    Closed Accounts Posts: 26 ✭


    What will such a property tax do to farming. If it is introduced and the IMF may insist that it is will the value of land drop and if it drops how will loans be viewed by lenders if the value of loan to property drops significantly


Comments

  • #2
    leg wax
    Closed Accounts Posts: 2,296 ✭✭✭leg wax


    jonnyone wrote: »
    What will such a property tax do to farming. If it is introduced and the IMF may insist that it is will the value of land drop and if it drops how will loans be viewed by lenders if the value of loan to property drops significantly
    it makes no difference if the value of the land falls as long as you can make the repayments


  • #3
    jonnyone
    Closed Accounts Posts: 26 ✭jonnyone


    leg wax wrote: »
    it makes no difference if the value of the land falls as long as you can make the repayments

    I hope you're right on that


  • #4
    Casinoking
    Registered Users, Registered Users 2 Posts: 474 ✭✭Casinoking


    leg wax wrote: »
    it makes no difference if the value of the land falls as long as you can make the repayments

    Indeed, as this is already the case. Land prices have dropped by at least 50% in the last 3 years. Much the same as those in negative equity with houses, as long as you keep making your repayments you have nothing to worry about. It'll only cause you problems if you want to sell and the current value of the house/land is less than the outstanding loan amount


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