Spanish farmers faced with ruinous tax hikes
Thursday, March 8, 2012 @ 11:19 AM
As Spain's economy roared, Spanish farmers were able to sell their land for giant profits. But when the economy tanked, farmers who were poised to sell the land were stuck with higher tax bills and no one looking to build new developments.
For about a decade, beginning in the late 1990s, Spain went on a building binge.
Any farmer lucky enough to see his agricultural land rezoned could sell it for huge profits and turn in the pitchfork forever. But the real estate bubble burst in 2007.
Navalcarnero, about 20 miles southwest of Madrid, was caught off guard.
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