All Forum Posts by: Nasi K.

any help from anyone would be appreciated?

Hi,

We recently (Aug 2024) bought commercial land of around 2 acres. this was part of bigger commercial lot (around 25 acres) which had AG exemption and so the taxes that they paid was around $20 each year. we received a 'AG ROLLBACK' letter from the appraisal district that starting 2025 tax year, we will be taxed at it market value resulting in additional taxes, interest and possible penalities for 3 prior years. Can you advice what that meant? It said this is pursuant to tax code section 23.55

It said I can protest in next 30 days

1) Does this mean we have to pay taxes and interest for prior 3 years?

2) Would you guys know how much will the amount be approximately?

3) We have prorated taxes between seller and buyer for this amount? 

4) does protest work because we are still part of bigger 25 years

We bought 1.5 acre of 15 acre land which was in agriculture tax exemption in middle of this year. how can we continue to get the same agriculture exemption for this and next year. 

we had calculated the maximum tax as $100 for the entire year during the closing due to agriculture tax exemption and have prorated accordingly for our 1.5 acre. How can we make sure that we are on target to get agriculture exemption. Is there any filing that we should do accordingly?

Thank you, can you advise what kind of negative influences on the property?

Hi,

We recently bought a commerical land (which is part of big commerical land) and plan to construct multi retail space in it. We are the first buyer and have an option to influence whether we can be part of CCR or not. Do you think we should be in CCR or is it ideal not to have CCR at all? we are looking at below options and thinking of any pros or cons for each scenario

1) No CCR for us or for any other owner

2) No CCR for us but maybe CCR for other owners

3) be part of CCR along with other owner

Hi,

We have signed the contract to buy the land ( and plan to construct multi retail) in prosper. It is part of bigger lot. We are currently in due diligence period. 

I want to check on the loan prospects for buying the land. We want to understand how much loan do lendors provide for buying the land and do they have any restrictions for the loan like need to build in 1 or 2 years etc. We will eventually construct but we are not sure exactly. 

What other things I have to keep in mind while talking to lendors?

Thanks

RK

It is adjacent to residential and curious on the minimum setbacks comment. Can you help me understand it a bit more. thank you 

Thank you. One of the things is we are still unsure what kind of future tenants will rent. It is one of the prime locations. It is like cat and mouse situation. we do not know who will rent in future and reason we are tilting to 11k and 72 parking spaces is that if restaurants want to come and we do not want to be in a situation where they cannot rent it because of parking space. Also, my research says restaurants can typically pay higher prices for end caps. we are talking to multiple agents also but it looks like it may come down to our decision at the end. 

Any suggestions and ideas are welcome

Hi,

We are buying a part of the commercial land (in a big commercial space) in prosper, TX. We have options to design the multi-retail space as 11000 sqft with 72 parking spaces or 13000 with 60 parking space in 1.4 acre lot. we are thinking which is the best option to choose given that if we need to give space to restaurant in two end caps, will 11k or 13k be better in long term?

Hi,

We are planning to construct the commercial multi retail strip in the 1.5 acre. we are working with an engineer to work on city preliminary approval but want to take feedback on below things

1) Is splitting the 1.5 acre into two pad sites a good idea?

2) It is the corner area, Is it a good idea to have two drive thru's vs 1 drive thru. 

3) We have around 50 parking areas for this 1.5 acre site, Is it good parking space if we plan a 2000 sqft restaurant or a grocery store as part of this 1.5 acre.

4) are there any considerations else to be kept in mind or key things