What the tax assessor values your land to be worth or how much value that you put on the land to insure it could also bring different numbers. The reason that you want the information will determine how you value it for that particular purpose. If you are unsure how to value the land, a local appraiser could help you. Also, your tax bill will have the improved value (which would be the actual home) and the land value separated out too.
Hope this helps. With your address, I could aid you further. Let me know if you want more help.
Ross Harkness, RealtorÂ®/Builder
Palmetto Property Pros Team
Wilkinson and Associates
Century 21 First Choice
Fort Mill, S.C.
Land value, or Site value as some call it, is generally determined by using the cost approach if there are any major improvements, such as structures - house - attached to the property. Within the cost approach there are 6 different methods used in determining the land value, depending on if the property is income producing or not. It may also involve determining the replacement or reproduction cost of the improvements in order to determine the land value.
Not all methods may apply to your property given the acreage stated. Such as Subdivision development method, or Ground rent capitalization method. The Land residual method most likely would not apply unless your property is income producing - rental.
That leaves 3 methods most likely to be used. The Allocation method, the Abstraction method (sometimes referred to as the extraction method), and the Sale comparison method.
The sale comparison method is generally used for unimproved, vacant or raw land, and/or land with minor improvements such as clearing, grading, fencing, infrastructures to the property line.
The allocation method is the ratio of land value to building value applied to the total value of the property.
The abstraction method (extraction method) is basically the adjusted sale price minus the replacement or reproduction cost of all improvements.
The choice of method depends a lot on the purpose (intended use) for needing the land value and/or type of value needed.
What you need to do is look up what the houses in that area have sold for in this past few months. Then you need to compare them to your house. If you just want to sell the land, you can do the same, see what lots are selling for around your area and then subtract the difference if the lot size is larger. Location is a big part of pricing your land so don't compare a city lot to a wooded lot! Realtors are able to analyze the land and give you a comparative market analysis! If you have any more questions or if there is anything else i can do for you, please let me know, I will be glad to help!