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Tax Benefits of Owning Land in Texas

We’ve said it before and we’ll say it again, land is one of the best investments a person can make in their future. Along with the considerable advantages of this sort of investment, Texas land ownership also comes with certain tax benefits.

If you’re considering buying land for sale in Texas, keep reading to learn about the tax benefits you may earn, and get in touch with SRC Land to find the right Texas property for sale for your needs.

Texas Income Tax

First, Texas is a great place to buy land for those trying to save money on their taxes. Texas is one of just eight states in the country that has no state income tax. Instead, income tax is collected on the county level, and these rates are incredibly low. In fact, Texas counties have some of the lowest income tax rates in the country, falling between 0.5% and 2.5%. In comparison, most state income tax rates range from around 2% to nearly 5%.

Buying land in Texas means you’ll gain access to the lower tax rates enjoyed by Texas residents.

Texas Vacant Land Tax

Next, it’s important to consider how low taxes are on vacant land in Texas. No matter where you live, taxes on vacant land will be lower than taxes on land with structures already built. However, in Texas, the figures are particularly favorable. In Texas, you can expect to pay an incredibly low tax rate on unimproved vacant land. This rate may be as low as $25 per year. However, it’s worth noting that the rate is higher for properties where improvements have been made.

Wildlife Management Plan Tax Exemption

Next, Texas is known for its exemptions for land used in a way that’s considerate of the local wildlife. This is known as the Wildlife Management Plan Tax Exemption. Landowners may qualify for this exemption if they formulate and follow a Wildlife Management Plan. This plan is meant to enhance and preserve the local wildlife in the area. A Texas land developer can tell you more about establishing your plan.

Additional Texas Property Tax Exemptions

Finally, it’s worth noting that there are other exemptions on property tax in Texas for which you may qualify. Specifically, there are exemptions for veterans, seniors, and spouses of deceased first responders. There may also be special rates for land used for agricultural purposes, and land used for solar or wind energy production.

To learn more about the tax benefits of owning land in Texas, you should talk to a Texas land developer.

Find Land for Sale in Cameron County

As you can see, you can gain considerable advantages from buying land in Texas. The tax benefits for owning land in Texas are varied and considerable, and they go a long way toward making Texas one of the best places—if not the best place—to invest in land.

If you’re ready to start seeing the benefits of Texas land ownership, reach out to the team of Texas land developers here at SRC Land to find the right Texas land for sale for your needs.

Find affordable land for sale in Cameron County with SRC Land. Get in touch to get insights from an experienced Texas land developer.

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