In My Neighborhood in 29708>Question Details

Helpmeplease, Other/Just Looking in 29708

How do you figure what the price of your land that your house sits on is worth? Fort Mill, SC 29708 - .37 acre

Asked by Helpmeplease, 29708 Tue Dec 1, 2009

We live in Quailridge subdivision - Frot Mill, SC 29708

Help the community by answering this question:

Answers

4
There are several different ways to calculate this, but the market value based on comparison lots in your neighborhood and what they have sold for in the past and what a lot like yours would sell for now is the true test of worth. I pulled up your subdivision and didn't find any available lots or any past comps on sold lots. The builder probably bought a parcel of land, subdivided and built out the entire community. Therefore, individual lots were not sold without already being improved.

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.

Thanks,

Ross Harkness, Realtor®/Builder
Palmetto Property Pros Team
Wilkinson and Associates
1 vote Thank Flag Link Tue Dec 1, 2009
Typically in a neighborhood like yours the lots are priced equally.....If you go to the website http://www.yorkcountygov.com you can pull up your tax records and it will have your land value. The tax records for land value is pretty accurate.

Linda Hall,CRS
Century 21 First Choice
Fort Mill, S.C.
803-242-2548
Web Reference: http://www.lindahall.com
0 votes Thank Flag Link Wed Dec 30, 2009
Your best option is to contact an appraiser in your area.

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.
0 votes Thank Flag Link Tue Dec 1, 2009
Hello,
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!
Very Respectfully,
Brandy Bradley
Citadel '08
803.669.1011
screalestatenow@gmail.com
0 votes Thank Flag Link Tue Dec 1, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer