Ok, this is very helpful!
1) I know that the land and property ratio is consistent at 30% : 70% based on actual land dollar values written on my subsequent tax assessments received after purchase.
2) however my purchase price is higher than the subsequent assessed property values written on my tax property taxes.
3) I understand the tax assessed value is not the same as the “Fair market value”, so, clarification question: I should not use the property tax section as per your note and then I should use the cost of the property (actual purchase price + allowable fees during purchase) in the Cost section of software, and the land value would then be 30% of the original purchase price (not the land value written on the tax assessment document)
is this a correct understanding? Am I mixing things?
