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Author Topic: What is "current use"?  (Read 2059 times)

John M

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What is "current use"?
« on: March 17, 2004, 04:43:29 pm »

I keep seeing the words "current use" in listings of land for sale.  What does this mean?  Is it related to property taxes?
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Mike Lorrey

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Re:What is "current use"?
« Reply #1 on: March 17, 2004, 08:09:14 pm »

Yes, current use means that the landowner has agreed to leave the land in its current use (i.e. not develop it) for a specified amount of time, in exchange for a tax break. The land owner can also get a bigger break in current use if they let their land be open for recreational uses like hunting, fishing, snowmobiling, hiking, etc. by the public.

When you take land out of current use, your taxes automatically go up significantly, but so does the value of your land.
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John M

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Re:What is "current use"?
« Reply #2 on: March 18, 2004, 12:40:07 pm »

Thanks, Mike.  That explains why that land was cheaper.
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NHHomes

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Re:What is "current use"?
« Reply #3 on: March 24, 2004, 12:12:56 pm »

Just to add a few other details: in New Hampshire, you have to have a minimum of 10 acres in "current use". You can use the land for agricultural purposes without penalty, but if you decide to subdivide or build on the land, the penalty is set at 10% of the value of the land that is taken out of current use.  So, if you have 20 acres, and only take out 0.75 acres to build your house, septic, driveway, etc., then you only pay the penalty on the 0.75 acres and can keep the rest in the lower-tax status.

Hope this helps! Feel free to give me a call if you have any other specific real estate questions: 603-643-1888.

-Gretchen fWallace rom Coldwell Banker in Hanover, NH
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Gretchen Wallace
Coldwell Banker Redpath & Co.
8 West Wheelock St.
Hanover, NH 03755
603-643-1888
Gretchen@cbredpath.com
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