The previous posts have covered most of the ways of arriving at the value of a piece of land. Tax Records and having it appraised are very good ways of coming up with a "estimated value". The size and location of the property have a lot to do with its value, zoning, and most importantly recent sales activity in the 08005 area will have a great deal to do with the market value.
Remember that the "actual market Value" based on recent sales can be different from the accessed value the township puts on a parcel.
Ultimately, recent sales, the amount of similar or better lots available on the market now, what a buyer is willing to pay and the seller is willing to take, will determine the selling price and therefore the value. Good Luck this is a great time to be a buyer!
If you need any further assistance, please fell free to contact me.
We have both commercial and residential agents in our firm, and service Monmouth and Ocean Counties. Let us know if we can help.
Deborah Madey - Broker
Peninsula Realty Group
Keep in mind that depending on the zoning can increase it's marketability. For instance if it's commercial, it will be worth a lot more than if it's residential. If it is commercial you can sell it or do a land lease. If it's residential you should find out the towns zoning requirements and whether it's suitable for a builder to build on or whether it's not buildable becasue of location, size or even wet. I would recommend contacting a REALTOR first and also going down to the town hall to figure out requirements.
There are different ways. You can get an appraisal by an appraiser. Or you can get a market analysis from a Realtor (using a realtor that is familiar in your area and with land it the ideal situation). The appraiser will cost you money and more than likely the realtor will do it for free.
Cheers Tina Abraham, Broker/REALTOR