Commercial property is land to be used by businesses, such as offices, shopping centers, gas stations and restaurants. It may be purchased for future projects or leased through a Commercial Property or Real Estate Broker. It falls between business and industrial land. Commercial Property News provides the latest business updates for land.
Practically every incorporated city uses zoning to regulate the use of land within its jurisdiction. To grant permission to build a new office or a profit-making business, the city government must determine that the chosen area . The zones that separate industrial, residential and business land are clearly marked. If the business is clearly marked for use, then the city will permit the sale to proceed for business use. If any part of the business extends into a residential or industrial zone, the buyer must seek special permission to cross over a zone Owners pay different taxes than residential property owners. Owners have much more responsibility than residential owners, too. They are responsible for business taxes and business utilities. Land owners are responsible for business sales taxes as well as operational taxes. Owners also have to insure the land against fire and theft, as well as other environmental hazards.
Source: http://www.campusdroit.org/commercial-property-news-nuances/
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