You would use the percentages in the year that you sold the property to split the sales proceeds between the building and the land. Presumably, the buyer is paying for the building and land based on current fair market value, which is better reflected in the current year appraiser records.
You need to add the improvement homesite value to the land homesite value to arrive at the total value. Then, divide the improvement homesite value by the total value to get the building percentage. Next, subtract the building percentage just calculated from "1" to get the land percentage.
Multiply the respective percentages by the proceeds to determine the sales proceeds for the building and land.
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