Land classifications fall under a number of different codes, which signify their land type and tax rate. So, what does G5 Undeveloped Land mean?
G5 Undeveloped Land is a land classification for undeveloped land in the state of Wisconsin, which is taxed at 50% fair market value. This is a general land classification and tax code found within counties in the state, which makes it easy to identify land characteristics and specifications.
When we look at the qualities of a parcel of land that has been labeled as G5 Undeveloped Land, we can expect the property to be either in a raw or vacant state. The classifications for different land parcels in the state of Wisconsin will range from G1 to G7 to simplify and organize the process of reviewing different categories of land. These are referred to as ‘General Codes’. G5 Undeveloped Lands can have some predictable qualities, but much like many undeveloped lands, they can vary in some of their characteristics. To understand G5 Undeveloped Lands better, let’s take a closer look at land parcels that are marked with this classification and why.
The general codes assigned to land classifications in the state of Wisconsin are established by the state government and are utilized for assessment. Information regarding properties that have been labeled as G5 Undeveloped Land can be found at the Real Property Lister.
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G5 Undeveloped Land
If you are living in the state of Wisconsin and have seen a vacant lot or have personally assessed a vacant property, it was likely marked as G5 Undeveloped by the state government.
These properties can be found all over the state and although they are all vacant lands, they may vary in some of their characteristics. The important thing to remember when reviewing all of these properties is that they all have an identical tax rate of 50% fair market value.
With that being said, the overall cost of any given land parcel will greatly fluctuate depending on the size of the undeveloped land and its potential qualities. To highlight some of these qualities, we are going to review some of the different G5 Undeveloped Land parcels found within the state of Wisconsin.
Residential: G5 Undeveloped Land
In Wisconsin, you can find undeveloped parcels of land that have been designated for residential use in many urban environments. The majority of these will be located in larger cities and small towns. However, there are undeveloped lands that also exist out in the countryside.
The most common G5 Undeveloped Lands found in urban areas will be in the form of a vacant lot. These properties can generally be identified as G5 Undeveloped Land based on the setting they are located in. Most urban areas will have allocated various districts within cities and towns that are specifically meant for residential use. This is to avoid neighborhoods and small suburbs turning into business districts.
The key thing to look for when assessing a G5 Undeveloped Land in a residential area is to ensure that there has not been any type of development on the property. This will include any kind of buildings or permanent structures on the land parcel.
Commercial & Industrial: G5 Undeveloped Land
In most cases, commercial and industrial developments tend to happen outside of urban areas and are more likely to be established in rural environments where there are fewer regulations, restrictions, and red tape to deal with.
This can often give commercial and industrial developments a lot of options to choose from, as there are plenty of G5 Undeveloped Lands out in the countryside. These land parcels will have been classified as G5 Undeveloped and can be pursued for commercial and industrial projects so long as the development project does not violate any of the terms or laws of the specific land being assessed.
With that being said, there are instances where a vacant plot of land classified as G5 Undeveloped land may be suitable for commercial and industrial use within an urban setting. The determining factor of this will ultimately be what kind of regulations the city or township has in place for the desired development. So long as the project does not interfere with the development laws of the city or township, there should not be an issue acquiring the property for this purpose.
In addition to needing permission to develop on G5 Undeveloped Land in this situation, you will also need to ensure that there is enough space in the area you are assessing for your project. This can make finding the right property in an urban area especially challenging.
Agricultural: G5 Undeveloped Land
One of the most common uses for G5 Undeveloped Land tends to become agricultural. Given that G5 Undeveloped Lands are virtually untouched and left in a pristine or unaltered state, they can be easily converted into farmland.
The state of Wisconsin has over 60,000 farms and almost 15 million acres of farmland, which makes a G5 Undeveloped Land conversion a common practice. In addition, farming adds over one hundred billion dollars in state revenue annually to the state.
However, land parcels classified as G5 Undeveloped Land are not all suitable for agricultural use. One of the biggest determining factors for this is the location of the undeveloped land. Most vacant and undeveloped land parcels located in urban areas are not suitable for farming due to a number of legal complications. In addition, the cost of land near cities tends to be significantly higher in price.
The majority of G5 Undeveloped Lands that are acquired for farming are located on the outskirts of urban areas or in rural environments. With that being said, you are going to want to confirm that the qualities of the G5 Undeveloped Land you are looking at are suitable for farming before purchasing.
About THE AUTHOR
Cameron Scott has been in the land development industry for over 20 years. During that time, he has worked on hundreds of development deals ranging from 5 acres to over 100 acres. Most of his work has been in Utah and Texas, where he has worked for large, national home builders as well as local companies. He has worked as Land Entitlement Manager, Land Development Manager, and most currently as Land Acquisition Manager.Read more about Cameron Scott