Fayettville, NC...

If one buys an acre of land here, does one pay property taxes?
The sales price was $6500.00.

Thank you and Happy New Year!!! :wink:

absolutely. and you will probably have to purchase liability insurance.

Just curious, how are the property taxes in NC? I could probly look it up just as quickly but Im on my way out and Im curious.

So as a rule of thumb, whenever you buy vacant, be it in Florida, Texas or NC. Is it recommended to get liability insurance? I talked to one land broker here in Florida, he indicated that I did not have to. wanted to find out others views on this.
noob florida investor

What is the liability insurance for?? It is only land! What is the tax rate in NC?
Thank you again!!! :wink:

You will need liabilty insurance to shield yourself against the freeloaders who look at our litigous society as a free lottery ticket.
In other words, as a property owner, you are collectible, and therefore “rich” in the eyes of somebody who’d rather take your property than work for his/her own.
Sad state of affairs, but lets put it this way. Some punk is out four wheeling on your land, and busts his head open. Mom and Dad would rather blame you then take responsibility for their kid since it was your fault that the land was there in the first place.
Even though there werent the attractive nuisances like trampolines, swimming pools, and skateboard ramps, it doesnt matter. You need protection from these kinds of people, because they do exist. Ask any of us who’ve been janked by a tenant, neighbor or stranger who knows the legal system well enough to abuse it.
Heres the good news.
You can probably get a 300k liability policy for 100-200 bucks. This is a guestimate, as Ive never owned raw land, but thats cheap. About property taxes, figure one to two percent, which would be 65-130 dollars, or thereabouts.
Good luck, and tell your broker that if anybody should know about asset protection, he should. Liability insurance is a must in this day and age.

The tax value and the tax rate can all be determined by simply going to the county website GIS and pulling it up. They usually have the tax rate available online, so that you can figure it up to the penny yourself. Each county is different, plus it also depends if it’s within city limits or not, and also if it’s residential, commercial, or industrial land. A broad average of tax rate for NC (VERY BROAD) would probably be about $0.50 per $100 of tax value.

As to liability insurance. Generally speaking, if you are buying in your name and you own your personal residence, your homeowner’s insurance will cover the liability of the land. Still, it’s worth a call to your insurance agent to confirm.