The best way to calculate the land value is to use the tax assessment numbers from your city or county office. The building and land is listed separately on the assessments. Take the land value and divide it by the total value to arrive at the percentage to use for land on the actual total value from your appraisal. Be sure the appraisal is the amount of inherited value on the date of death of the previous owner. Fair market value (FMV) on the date of death is what a willing buyer would pay and a willing seller would sell the property for.
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