How do I assign the land value vs improvement value of my rental property based on the gross assessment on my real estate tax?

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Your tax assessment should show the valuation they used for the land and the "improvements" or building separately. If not, look it up on the tax assessors web site - it's public record. Calculate the percentages they use, and then apply those percentages to your purchase price. The TurboTax interview will guide you through the process.

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