Just wondering. In the country I live in, we need to pay annual land tax. So if you own a huge land, every year you have huge tax to pay. What's the thought process of people buying vast land like this in the first place? To develop private housing?
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There is a different land use tax. Agricultural land is taxed very little. And unincorporated land is taxed almost nothing. Since it's undeveloped it requires little in government resources. Now, stick houses and stores on it and you have to add water, sewage, traffic, police, fire, trash, and roads. And that does cost a lot for a government to provide.