Taxes on new build single family home

[Nicolas Tow]

In August of last year I purchased an empty lot in an up and coming area of Chicago. I am currently building a new construction single family home with this land. Since I am new to real estate investing I was wondering if I would pay capital gains taxes when this property sells? Or would I have to pay taxes via something more along the lines of self employment taxes? Also if I pay capital gains would my tax rate be lower since by the time it sells I will have owned the lot for over a year? For background this is my first investment and I own the property personally not with an LLC or anything of that nature.