We believe that there are two types of zakah,
a) zakah on produce and
b) zakah on wealth.
The respective rates in the Islamic Shari'ah according to Mr Ghamidi follow:
"(a) Wealth:2 ½% annually
(b) Produce:(i) 5 %: on all items which are produced by the interaction of both labor and capital, (ii) 10 % on items which are produced such that the basic factor in producing them is either labor or capital and (iii) 20% in items which are produced neither as a result of capital nor labor but actually are a gift of God." ( Ghamidi, Mizan, http://al-mawrid.org/pages/articles_english_detail.php?rid=192&cid=55&search=land)
Agricultural land is not subject to zakah because it is the tool of production. Land such as residential and commercial plots is also now considered assets. Therefore, it is considered one's wealth and will be zakated annually. However, when we start constructing home to settle there it becomes under personal use and everything under personal use is exempt from zakah.