On Tuesday, 02 February 2021, the San Angelo City Council authorized the city to go ahead with the sale of the approximately 20,000 remaining acres of Ford Ranch land. The land, carrying a price tag of no less than $1,385 per acre, was sold to Lendon Hamlin. Texas ranch land has always been considered a worthy investment. It is for this reason that so many real estate tycoons, business moguls and celebrities purchased a piece of prime property in the Lone Star state. Apart from the picturesque natural beauty that typically surrounds a ranch, there are also a number of other reasons why a Texas ranch can be a worthwhile investment.
While many ranch owners bought their properties with the sole purpose of having a comfortable house on a beautiful piece of land, others view their investments as a means to make a profit. There are a number of ways you can make a profit from your property. Some investors spend their money on fixer-uppers that can be sold at a decent profit after being renovated, while others have more diverse aspirations. A ranch can be used to grow crops or raise cattle or horses, or can even be turned into a bed and breakfast or camping facility. A good idea coupled with sound business advice can turn your ranch into a money-making machine.
The tax benefits are remarkable
One of the biggest advantages of investing in a Texas ranch is the tax benefits you can expect to enjoy. As a ranch owner, you are eligible for income and property tax breaks. In addition to this, you may also find that you are entitled to exemption from a range of local, as well as state, taxes. These exemptions can reduce your overall property taxes by thousands every year. If your ranch is going to be functioning as a working farm, you may also qualify for deductions on utilities, depreciation, operating losses and equipment. According to Texasland, many ranches enjoy so many agricultural and wildlife exemptions that they only have a very minimal carry cost.
When planning to develop an urban property, you will more than likely be faced with a myriad of very strict processes that need to be followed. If you buy an undeveloped ranch in Texas, however, most of these restrictions will become obsolete. When developing what is known as ‘raw land’, all you will need to do is obtain the necessary permissions from both the relevant county and municipal governments. These permissions will provide you with the freedom to develop your property to your heart’s desire and construct anything from a double-story barn to a luxury retreat.
Investing in a Texas ranch can prove to be a very worthy venture. Apart from enjoying the freedom to develop the land as you wish, you can also enjoy significant savings due to various tax exemptions.
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