05/03/2024
“Land Lease” is an important real estate term to know in Baldwin County.
That’s because Fairhope is one of only two single tax colonies remaining in the country (the other is Arden, Delaware). This means that the Fairhope Single Tax Corporation owns about 25% of the land in and outside of Fairhope’s city limits. The majority being located in downtown Fairhope and east towards Fairhope Ave.
If you purchase a home in this area you own your home but lease your land from Fairhope Single Tax Corporation with a 99 year renewable lease.
The rent charged to lessees covers the taxes due on the land and improvements, an admin fee to operate the Single Tax Corporation office, and a demonstration fee that is calculated from the appraised value of the land.
The demonstration fee is used to enhance the community through public parks, library’s, museums, sidewalks, hospitals, and many other projects. 🌸🌷
If you are interested in living in one of the last two Single Tax Colonies in the country send me a DM. 📩
I would love to help find the perfect home for you to call yours. 🏡🤍
Katie Blankenship ®
📍 EXIT Realty Landmark
📱 (251)-228-2998
📧 [email protected]