Home Selling in Royal Oak>Question Details

Vikash Shah, Both Buyer and Seller in 48098

How can I assess how much my homes land is worth?

Asked by Vikash Shah, 48098 Sat Mar 29, 2008

Are there any websites I can use to get this information? I am aware of Trulia and Zillow, but I can't find this information.

Thanks in advance!

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Answers

6
Value is based on the rationale for the question:
1. Insurance - the cost to rebuild
2. Collateral - the value against a loan - conservative
3. Fair Market Value - what a willing and able buyer would pay
4. Appraised value - Highest and best use for the property. More involved, can vary from the others.

If you have more questions re-post. The REASON you want the valuation will help determine the value.
0 votes Thank Flag Link Sat Mar 29, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Oops, I forgot about this website. https://www.oakgov.com/aofs0001/index.jsp

There is around a 13 dollar fee.
0 votes Thank Flag Link Sat Mar 29, 2008
Vikash, Nicole, Gordon, and I should be able to look online under Realist and get your 2007 property and land value from public records. This may not be available for all properties.

The most accurate information would be available from the assessors office in RO.

I'm assuming this is for tax purposes. You can also contact a local tax professional and they might be able to give you a generalization. In the 90's the range used was generally 25 to 33 percent for platted subs and up to 50 percent or lake property. This value has certainly changed by now and might not be accurate. Please remember the value of land does not decrease.
Web Reference: http://www.mi-living.com
0 votes Thank Flag Link Sat Mar 29, 2008
A visit to the tax assessors office would be the best way to determine the value of the land under your home. The assessor will be able to print a copy of the details behind your assessment and one component is the value of the land. It is always a good idea to review the tax assessor's records to make sure that your taxes reflect the actual features of your home. The assessor will have a drawing/sketch of your home and will show the measurements on how they determined the square footage of your house. If the assessors information is wrong you can have the assessor correct the mistake and if it is in your favor your tax bill will be reduced, you do not have to go to the tax review board to correct errors.
0 votes Thank Flag Link Sat Mar 29, 2008
Hi Vikash,

One of the ways to do it is to find out by your tax records at the local tax records office and make the necessary adjustments to know the current value. The other way is for you to contact your Realtor and ask him to research it for you. Some Realtors have connection with appraisers and they can let you know the ball park figure of the land itself.
Hope this helps.
Leonardo
Web Reference: http://www.leonardoteam.com
0 votes Thank Flag Link Sat Mar 29, 2008
Hi Vikash -

I don't fully understand your question but you can go to the city's website - http://www.ci.royal-oak.mi.us - and click on Assessor's Office. From there you could do a tax lookup. Are you looking for the value of just your land without a house? If you have a copy of a recent appraisal of your home, on the second page, on the top left, the appraiser would have given a value to the land there. Otherwise, you can have an agent prepare a comparative market analysis for vacant land in your area. Please feel free to contact me directly for more specific information. Take care!

Nicole Sleeva
nsleeva@cbpreferred.com
Web Reference: http://www.NicoleSleeva.com
0 votes Thank Flag Link Sat Mar 29, 2008
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