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I. Defining Parcel Splits. A parcel split, also referred to as a land division or property split, is the legal process of dividing a single property into two or more separate parcels. Property owners pursue parcel splits for various reasons, including: Development: Subdividing a larger property into smaller lots to build multiple residences or ...
Nov 30, 2023 · Splitting a property into two parcels is a strategic decision that property owners may consider for various reasons, including the potential for increased property value, better land utilization, or the intention to sell a portion of the land. This process, however, is intricate and demands a comprehensive understanding of local zoning laws ...
- The Process Is Quicker
- You Get Paid Sooner
- It’S Much Less Expensive
- It’S Much Simpler
- It Won’T Increase Your Yearly Taxes
- It’S Still A Great Return on Investment
- Conclusion
Most bureaucracies aren’t known for their speediness, and even a lot split application can sometimes take longer than you'd expect for an approval. But despite the typical sluggishness of city planning departments, lot splits usually only take a few months from application to completion. When you build a second primary unit or duplex, construction ...
Not only is the process quicker, but you also see the profits faster. If you develop your property by adding a second unit, you’ll need to wait until after construction is finished and the property is rented or sold before money starts coming in. When you split off and sell a portion of your lot, you get paid right away. And depending on the size o...
Splitting your lot with SB 9 isn’t free; most cities require lot split applicants to pay an application processing fee, and others require an additional fee for recording the new parcel map. These costs can range from a few hundred to a few thousands dollars, depending on your municipality’s requirements. The application fees associated with a two-...
Different cities have different application processes for lot splits, but even the most involved lot split applications are much simpler than the average two-unit development application. With the urban lot split process, the application and tentative parcel map are submitted and approved and the subdivision is recorded. That’s the full extent of t...
Adding a second unit to your lot will increase your property’s value and trigger a tax reevaluation. While the property value increase is great, the property tax increase isn’t. Splitting your lot won’t raise your taxes, and you might even be able to lower your annual tax bill as a result! You can request a reevaluation once your lot is split to se...
It's true, you might make more money by developing the new lot and selling the property with a brand-new single family home or duplex on it. But since construction costs so much, the return on investment is comparable when you just split and sell. Some potential applicants are concerned that splitting their lot with SB 9 will have a negative impact...
Lot splitting holds so much potential for homeowners who lack the resources or desire to coordinate and fund the construction of a new housing development, but still want to take advantage of SB 9. While many homeowners will choose to keep their backyards intact, others feel it’s a worthy trade-off to make a substantial sum of money within a few mo...
Feb 23, 2023 · Local fees will cost between $500 and $1,500 to split a property into two. It will cost $2,000 to $10,000 for more than two lots. In addition, a surveyor will charge between $500 and $2000 for a mid-size property to be surveyed and platted. Most homeowners decide to subdivide their property for one of two reasons: to sell part of it off for ...
Jan 19, 2020 · The main reason people subdivide their land is to sell off a portion of it. You may, for example, want to sell a part of your land to a family member so they can live close by. Or you may want to create lots to build a new housing or commercial development. Whatever the reason, subdivisions create new tracts of land. That is why people subdivide.
About subdivisions. When you divide a piece of land into two or more parcels and offer one or more for sale, you are subdividing property, and the provisions of the Planning Act come into play. If your proposal involves creating only a lot or two, you may seek approval for a "land severance". For more details, see section 5, Land severances.
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Mar 25, 2021 · Subdividing Property — A Guide. Key Takeaways: Subdividing property involves dividing land into smaller plots for development or sale. Zoning laws, infrastructure considerations, and local regulations play pivotal roles. Diligent research and adherence to legal requirements are essential for successful and compliant property subdivision.
