Wanted to see what your formulas are for determining land values.

I always use the land value from the tax records and just let them know that is where I obtained the information.

Ditto.

^^^

Me too.

here is the formala: X20, +10000, divided by 10, -100000, +150, -1150

There you go ,,,,,,,,,,,,

Dude you lost me. Drop tha doobie,,,LOL

Land comps are easiest for raw land.

You missed the joke, start with $100,000 and then run it through the math .............. HA HA

Jim has a point about raw land being easiest. Certainly the value of the improvements can very widely (in my rural area to have electric power available at the road adds value; if you need to run a new line a couple miles the cost is prohibitive and effects the value accordingly).

For those using the tax records I don't see anyone mentioning adjusting that ratio of tax value to market value. In my area I see a wide variation in equalization rates from as low as 5% to slightly over 100%; maybe in other parts of the country the assessors do a better job to keep up with the market.

California is a different animal, you can't use assessors information as it's flawed as values are assessments are regulated to 1% per year in value gain .......

You could hav4 a piece of property that sold 5 years ago assessed at 20% of the current fair market value ......

Tax card.....it's the only way around here as long as comps back it up. If they don't the tax card ain't worth the paper I print it on.

Yeah California is another animal. Not sure if that will fly in california. SLO, do you calculate price to build home say $90 sq. ft., then subtract that by the FMV to get Land Value?

I use $110 on a newer tract home or $90 on anything that is average or better in condition but is over 20 years old.

Hope you got that. Of course we are talking about a quickie (did I say that) for some of the forms that ask for land value.

Remember that is a price I use in my area, may be lower over in your neck of the woods and way lower in the mid-west to the south......

No that sounds about right what contractors charge to build here also but of course FMV in my area will be lower. Thanks for the help.

I don't make any adjustments. I include in my comments that the land value I included in the report is the county's assessed value. I typically find the assessed value is relatively near the market value. Of course there are exceptions, but for the most part I find them to be within 10-15% most of the time (not counting the houses that are assessed as average condition when they are really trashed).