What does it mean when real estate agents say that a lot or acreage falls under the williams act?
2006-08-04 08:14:13 · 4 answers · asked by infiniti 2 in Business & Finance ➔ Renting & Real Estate
Are you in California? If so, perhaps they meant Williamson Act?
"The California Land Conservation Act of 1965--commonly referred to as the Williamson Act--enables local governments to enter into contracts with private landowners for the purpose of restricting specific parcels of land to agricultural or related open space use. In return, landowners receive property tax assessments which are much lower than normal because they are based upon farming and open space uses as opposed to full market value. Local governments receive an annual subvention of forgone property tax revenues from the state via the Open Space Subvention Act of 1971."
2006-08-04 13:31:50 · answer #1 · answered by ? 3 · 0⤊ 0⤋
Nothing. The Williams Act doesn't apply to RE deals.
A federal act, passed in 1968, that defines the rules in regards to acquisitions and tender offers.
In the 1960s, a large number of takeovers occurred unannounced. This created difficulties for managers and stockholders who were forced to make crucial decisions with very little preparation.
The Williams Act was created in order to protect investors from these occurrences. The bidders must include all details of their tender offer in their filing to the SEC and the target company. Their file must include the terms, cash source, their plans for the company after takeover, etc. There are also time constraints that stipulate the minimum period of time the offer may be open and the number of days after the offering in which shareholders have the right to change their minds.
2006-08-04 09:01:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'm no real estate agent, but I thought the Williams Act of 1968 was something to do with investing and the SEC...
Here's a little information about it that I found online:
http://www.investopedia.com/terms/w/williamsact.asp
No clue on one for real estate though...
2006-08-04 09:04:08 · answer #3 · answered by ReggieWjr1 4 · 0⤊ 0⤋
There is something similar in Texas,
And,
If you pay the open land tax.. the idiot you sell your land to has got to pay the higher taxes retroactively if they plan on changing the use of it.
2006-08-04 18:32:56 · answer #4 · answered by handsomelittlegentleman 1 · 0⤊ 0⤋