Asked by Ts, 97217 • Thu Feb 5, 2009
We own an old (1920x) home in North Portland, on .16 AC and 2008 assessed value is $84000. An additional unimproved lot lies behind the home lot. It is .06 AC with no improvements, man hole and old sewer connection only, no current access to street, and 2008 assessed value is $95000. City planning said possible to build as flag lot or by changing lot lines for a skinny house. Cost would be $10000 to $15000, depending on option chosen. In addition, house's tie to sewer would have to be updated to code with any changes to its lot lines. Questions:(1) Why extra unimproved lot has higher assessed value than improved lot. (2) What do you feel the true market value of the unimproved land is now (3) What would the true market value be if lot lines were redrawn, and the new unimproved lot size was about the same, but was buildable with access to street?
This question is about this property: http://www.trulia.com/property/1063871601-Vacant-Lot-Portlan
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