Posted on: 13th Oct, 2009 10:39 am
Hello,
My wife and I inherited a piece of land in Angel Fire New Mexico a few years back. The development has since issued a PID (property improvement district) back in 2008. The “tax and membership†on the property is around $6000 a year. I have seen some similar parcels of land selling for around $8,000. I have spoken to some realtors in the area and they say our land will appraise for around $45k but could only sell for around 16K because of the "tax". The good news is that our property will have roads and electricity by the end of the year. Are there any loans available to use towards prepaying the taxes or building on the land and rolling the tax in? Any advise would be greatly appreciated.
My wife and I inherited a piece of land in Angel Fire New Mexico a few years back. The development has since issued a PID (property improvement district) back in 2008. The “tax and membership†on the property is around $6000 a year. I have seen some similar parcels of land selling for around $8,000. I have spoken to some realtors in the area and they say our land will appraise for around $45k but could only sell for around 16K because of the "tax". The good news is that our property will have roads and electricity by the end of the year. Are there any loans available to use towards prepaying the taxes or building on the land and rolling the tax in? Any advise would be greatly appreciated.
You may get personal loans in order to pay off the taxes. You need to contact lenders who give personal loans. However, you should note that such loans are available at a higher rate of interest.