Will property tax be paid on the Rispin property?
Possessory Interest Tax will be paid, which is a form of property tax. Currently, since the property is owned by a public agency, the property does not generate any property tax. Once the property is leased or rented to a private business, the possessory interest tax is applied and is collected and distributed in a manner similar to property taxes.
Related Questions
- If no Adequate Facilities Taxes or Impact Fees have been paid on a particular piece of property, does the owner still need to prepare a statement disclosing that no such taxes or fees have been paid?
- What is the average term outstanding for loans of this type, when one considers some are paid off early by resale of the property or paid-off due to construction financing?
- As the property has to be paid for before completion is there any insurance in place in case the builder goes bust etc?
