@Amdano wrote:
The county assessed the value when I completed the permits and was finalized and signed off.
It seems odd that the county assessed the building value at $31,000 AFTER you spent $85,000 improving it. So that valuation MIGHT be from a prior year.
At any rate, the purpose of the question is to figure out how much you PAID for the land versus how much you paid for the building. You spent $30,000 for the original building and land, so you should make an educated guess on how much of that $30,000 was for land, and how much was for the original building.
Then you SHOULD be able to skip that whole property-tax-record question and ONLY enter the TOTAL cost and the LAND cost. So let's say your educated guess that the original $30,000 was divided $15,000 for land and $15,000 for the building, then you should enter (1) $115,000 for your total cost (original $30,000 plus the $85,000 of improvements) and a land value of $15,000.
