The land value would be what the land the condo sits on is worth. If the condo is in a complex with other condos stacked on top of each other, it would be minimal in relation to the improvement value of the condo. The improvement value would be the market value, less what you assigned to the land.
Painting would not be a major improvement, rather it would be considered a repair. It would not be added to the value or basis of the property.
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