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$6.9 million "recreational property" in northwest Colorado with property taxes of only $303 a year

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NNN0LHI Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-03-10 09:03 AM
Original message
$6.9 million "recreational property" in northwest Colorado with property taxes of only $303 a year
http://www.denverpost.com/news/ci_16765372

"Recreational property" reaping a truckload of ag-tax benefits

By Nancy Lofholm
The Denver Post

Posted: 12/03/2010 01:00:00 AM MSTUpdated: 12/03/2010 06:00:06 AM MST

The listing for the $6.9 million "recreational property" in northwest Colorado touts outstanding big-game hunting, magnificent views and excellent building sites on 2,600 acres. And to sweeten the deal, how about "very reasonable" agricultural-based property taxes of only $303 a year?

Agricultural tax breaks have become a strong marketing tool in high-end real estate pitches that make no mention of cows or cornfields but do take note of the fact that huge savings are to be had with land designated agricultural for tax purposes.

Some real estate sales lists now include farms and ranches as well as a separate category for "agricultural lands" or "recreational lands." For savvy buyers, those last two categories are known to include property without the headaches of traditional farming and ranching but with the special low tax created to help keep agricultural producers in business.

"Is getting an ag tax break appealing for buyers? You better believe it," said Gary Hubbell, a ranch real estate broker who promises to help potential buyers find either a real ranch or a rural property with a ranch tax rate.

-----------------------

See how the rich keep getting richer? Everything is stacked in their favor. Heads they win, tails you lose.

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GreenPartyVoter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-03-10 09:14 AM
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1. *blows a gasket*
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n2doc Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-03-10 09:17 AM
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2. Texas is the same way
People buy "ranches" and keep a cow or two on it for show, and get a huge break on their taxes. Meanwhile, if you live in a city you get screwed.
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AnArmyVeteran Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-03-10 09:24 AM
Response to Reply #2
4. I remember a republican officeholder owning a mansion on 25 acres getting farm tax breaks.
He didn't have one crop or one farm animal on his property but his taxes were almost zero because his estate was considered a farm. The rich are the most slimy and greedy people in this country.
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formercia Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-03-10 10:04 AM
Response to Reply #2
6. That's because cities are mostly Democrat and Ranchers are mostly Republican.
Edited on Fri Dec-03-10 10:06 AM by formercia
Just taking care of their base.

Someone has to support their lifestyle.
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joeybee12 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-03-10 09:19 AM
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3. Like this in nevada also...our soon-to-be ex governor, also known for his sexual assualt abilities..
has a sweetheart deal like this on his property.
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Ichingcarpenter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-03-10 09:51 AM
Response to Original message
5. The article describes even more outrageous deals and low taxes.
Portions of the 19,000 acres of the Grand River Ranch in Grand County that sold for $24 million are a case in point. The ranch one of the two largest in the state has been carved into 19 separate ones promising large-acreage hideaways for luxury homes and the potential for more development. A 336-acre ranch that was part of the sale pays $201 in property taxes. Another one of the ranches, on 679 acres, pays $275, and a 441-acre ranch pays $255.


In the meantime, the properties are being marketed as recreational paradises close to jet service and ski areas. They are described as being rich with gold-medal streams, a wealth of wildlife and amenities such as a fishing camp with a fully stocked kitchen and an automated shooting range.

Read more: "Recreational property" reaping a truckload of ag-tax benefits - The Denver Post http://www.denverpost.com/news/ci_16765372#ixzz17431k5b...
Read The Denver Post's Terms of Use of its content: http://www.denverpost.com/termsofuse
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NNN0LHI Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-04-10 11:57 AM
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7. And don't forget,. This is just the tip of the iceberg
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mainer Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-04-10 12:37 PM
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8. at least it limits what they can do with it
We own quite a lot of acreage that's classified "preservation" and we pay low taxes on it. But it also means we cannot erect any structures on the property and it must be kept undeveloped and pristine. So low taxes do help keep such lands untouched. If taxes go up on open land (which you can't build on) it would just be sold to developers
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