The Tax Assessor will have the break down value for both the land and buildings which is how they determine the real estate tax assessment for each land owner. This is located on the real estate property tax bills or a call to your local courthouse will provide you with this information.
Once you have the information you can use the percentage for each against your purchase of the rental property.
Example: land plus building = total assessment. Use the percentages below against the purchase price to arrive at the cost basis for both land and building.
- land divided by total = land value percentage
- building divided by total = building value percentage
