Posted by Nate(DC) on July 21, 2003 at 13:57:45:
- how can the County or State allow a property to be called “residential” if it has not passed a perc test?
“residential” is a zoning classification, determining what can LEGALLY be built on the site. It does not warrant what could PRACTICALLY be built there. The County has no money to do a perc test on every plot of land in the county.
- if MY property doesn’t pass the perc test, what recourse do I have? I’ve tried giving it to charities, tried giving it to the state, threatened the County that I’d just stop paying taxes and let them have it.
You could always let it go to tax sale (the latter) if you don’t want it anymore. Maybe an adjacent landowner would pay you a nominal sum for it, even if it’s not buildable (??)
- since the property was bought as an investment, if I give it away or just cede it to the County, will IRS give me a tax break?
If you sold it at a loss, you could claim a capital loss. I am not sure if letting it go to tax sale constitutes “selling it” or not for tax purposes; you should probably consult a tax advisor on that.