what to do with vacant land
I purchased some land outside of Tucson in the 60's and the taxes were nothing for many years however they have jumped in the last couple of years to were the taxes are almost what I could sell the land for if I could sell it. Should I just stop paying the taxes and walk away or continue to pay and try to sell?
Terry Says
Walking away would trigger a reportable act and negatively impact your credit rating. You certainly don't want to do that. The first thing you should do is figure out (contact an "insider" in the area) just why the taxes are going up. It could be that your lot is right in the path of development. If you waited a year or two -- and if the economy remains strong -- you might eke out a profit, in spite of higher property taxes for a couple of years. Or you could just welcome the chance to "get even" and put it on the market. If you do that, don't look back in case values there rise. A lot depends on whether this is a "lot" in a developed property, or just acreage way outside town. In either case, someone knows what is currently -- or might be -- getting developed there, or where roads/sewers are next to go in. So be sure to investigate before you sell.
