Posted by JML755 on December 18, 2012 at 10:35:49 from (97.78.165.185):
In Reply to: Farm land bubble posted by jackinok on December 18, 2012 at 06:37:08:
I agree that land can be a good investment but one thing to consider is property tax. I've bought land in past and sold it for what seemed like a great profit until the carrying costs (taxes) are figured in. Unlike other hard assets (gold for instance) there is an annual cost even the land is free and clear.
Agricultural land is tax-advantaged here in Michigan but you still get 2 tax bills a year. The more land you own and the more it's appraised at, the higher your tax bill. A lot of people have lost their land for non-payment of taxes.
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