You should apportion the purchase price if your property ($220,000) between Land and Building using the proportions in your property tax assessment statement. That statement gives 54.4% for land ($161,640/$297,169) and 45.6% for Building.

In TurboTax, you should apportion $119,680 for Land (54.4% of $220,000) and $100,320 for Building.

Edited 4/8/2020  |  4:47 PM PST

Thank you for your reply.  So when I'm asked in Turbo Tax for the cost (the amount paid for property) do I use $220,000 (the initial amount I paid for it) or the amount $279,169.00 from the property tax statement?

Use your purchase price. IRS says you must use the Lower of fair market value or your basis.

Related:

Real Estate Tax and Rental Property

IRS Pub 527 for Rental Property

Thank you again for your response.  I believe 54.4% of $220,000 should be $119,680 for Land.  I will use $220,000 for cost and $119,680 for Land in Turbo Tax.

Sorry for the typo. I have edited my answer.

Check your numbers. While it's not unheard it, it is not common for the value of the land to be higher than the value of the structure on that land. It is possible however. For example, if this is in California then it's absolutely possible. Or if your land is 10 acres or more with a single family structure on it that's not a celebrity mansion.

Thank you.  Yes the property is in California.