Property Q&A in 65301>Question Details

Deb2u, Other/Just Looking in Sedalia, MO

how do i find the fair market value of land?

Asked by Deb2u, Sedalia, MO Wed Feb 22, 2012

i live on 11.94 acres ,but part is owned by my aunt ,that is willing to sale to me but for a fair price, i need to find the fair price to offer her ,i have the fair market value ,from local assessors office .and such ,but not sure what to offer her.,she only owns 7.96 acres of whole property.

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what are the procedures for determing the market value of land in dispute?
0 votes Thank Flag Link Thu Jan 16, 2014
what are the guidelines prescribed by the law for the determination of market value of the property?
0 votes Thank Flag Link Thu Jan 16, 2014
If you will need to get a loan to buy the property, then the bank will have an appraisal done. That will become your fair market value. You can also pay for an appraiser to do an appraisal for you if you are paying cash.

The appraised value from the county will give you a starting point, but that is normally calculated every 2 years, not every year and appraisers are now going back only 3-6 months.

If you do not need to get a loan, then you will need to find out the price per acre for similar properties in the area with similar improvements on them (ie houses, barns, wells, sheds, fencing, etc). Keep in mind that price is also based on usage - farm land for farm land, property to be developed for housing is different. It will also be different for a few acres then it will be for many acres. Try to find several similar properties then average them.

good luck
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0 votes Thank Flag Link Wed Feb 22, 2012
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