I'm afraid that your tax bill won't tell you the value of the land. Both Assessment and Appraisal are fictitious. And certainly Zillow is perhaps the most fictitious of all. The value was established the last time money changed hands. That is the real value. In California, we divide the sell price by 2 to get the real value of the land, and building. We depreciate the building over the 27.5 years on Schedule E. We did this and 4 years later we were audited by the IRS, and this was never an issue, and after 3 weeks of meetings and reviews with receipts, the depreciation or valuation was not an issue, but a repair that was made was determined to be a capital improvement, not a repair, and I owed $300 + $37 penalty. Your tax dollars at work. I haven't been audited since.
You should visit a CPA in your state and take his input on this issue. Pay him a couple hundred bucks to get the right answer.
