How do I find the land value of my condo?

[evgirl]

I own a condo in NYC. I believe this is considered real property since it is not a coop (I have a mortgage and pay property taxes directly). I converted this over to rental property last year and TT is asking for the Land Value. The Notice of Property Value from NYC does not mention Land Value anywhere. It only shows:

Market Value, $336,675

Assessment Percentage, 45%

Actual Assessed Value, $151,504

Transitional Assessed Value, $143,779

Exemption Value, $2,450

Taxable Value, $141,329  

The Market Value of your lot was derived by attributing a portion of the total residential value. This is done by adjusting your percentage interest in the total building to reflect your interest in the residential portion only. Your percentage interest in the building is 0.096%. This percentage is multiplied by 1.735 because the total condominium interests are 100%, but the residential portion is 57.653% (100% / 57.653%). The resulting percentage is multiplied by the total residential value in the building or development to determine the value of your lot.

Meanwhile, my monthly condo statement says my ownership percentage is 0.1489%.  I would deeply appreciate it if anyone can help me decipher what to fill in for Land Value in TT as this is very confusing. Thank you. 

[tagteam · Accepted solution]

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@evgirl wrote:

Meanwhile, my monthly condo statement says my ownership percentage is 0.1489%.

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That is most likely because the statement is attributing your ownership interest as being your condo plus your share of the common area(s). 

It would probably be wise to make inquiry of an individual on your condo board as board members are usually more well informed with respect to these matters.

[Anonymous]

talk to a realtor in your area.  there is no right answer. it's a matter of judgment.   some people will even argue nothing should be assigned to land value.   however, I usually disagree saying its part of the common elements.  if the condo owners didn't own the land, then the landowner could tell the condo owners to remove the condo from the property. the exception I make is for Hawaii. 

[Critter-3]

There is no land value since the condo assoc owns the land not the individual condo owners.