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claireccecilia
New Member

I don't have a property tax bill and unsure of what to put for land value and improvement value for a house that I have as a rental. Can I use a county assessor web site?

If I use assessor website, do I use Land Taxable Value, Total Taxable value, or something else?
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SusanH
New Member

I don't have a property tax bill and unsure of what to put for land value and improvement value for a house that I have as a rental. Can I use a county assessor web site?

If you didn't purchase the house and shortly thereafter use it as a rental, then yes, the assessor's website is an excellent tool to determine fair market value for the property and the land. Most county assessors have property cards that are available online for free. You’ll be able to find the breakdown of land, improvements (house) and total value. This is a good source to use.

Some assessors have assessed values that are much lower than the market value so when you look at your property card information, make sure you are using market value if it's different that the assessed value.

When you see the property card, somewhere on there will be the land value, improvement value and total value. It will tally like this for example, $15k (land value) + $95k (improvement value) = $110k Total value.

In our example, you would enter $110k for the fair market value and $15k for the land; TurboTax will do the rest of the math.


To find your property card, google the following: [your county] {your state] property tax records. If you lived in Montgomery County, Maryland, you would search for ‘Montgomery County Maryland property tax records’. Look for your county assessor’s office in the first few links. When you get to the assessor’s page, look for something like ‘Search Records’. You should be able to search by owners name or address.

View solution in original post

2 Replies
SusanH
New Member

I don't have a property tax bill and unsure of what to put for land value and improvement value for a house that I have as a rental. Can I use a county assessor web site?

If you didn't purchase the house and shortly thereafter use it as a rental, then yes, the assessor's website is an excellent tool to determine fair market value for the property and the land. Most county assessors have property cards that are available online for free. You’ll be able to find the breakdown of land, improvements (house) and total value. This is a good source to use.

Some assessors have assessed values that are much lower than the market value so when you look at your property card information, make sure you are using market value if it's different that the assessed value.

When you see the property card, somewhere on there will be the land value, improvement value and total value. It will tally like this for example, $15k (land value) + $95k (improvement value) = $110k Total value.

In our example, you would enter $110k for the fair market value and $15k for the land; TurboTax will do the rest of the math.


To find your property card, google the following: [your county] {your state] property tax records. If you lived in Montgomery County, Maryland, you would search for ‘Montgomery County Maryland property tax records’. Look for your county assessor’s office in the first few links. When you get to the assessor’s page, look for something like ‘Search Records’. You should be able to search by owners name or address.

View solution in original post

mvk_atl
Level 3

I don't have a property tax bill and unsure of what to put for land value and improvement value for a house that I have as a rental. Can I use a county assessor web site?

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