Yes, there are multiple ways you can find the land value at the time of purchase. It may not be exact in any of the cases but what may be the easiest way is to look at your current year's land and improvement value bill, add the 2 and compare that number, and the ratio of land to improvements, to the price you paid for your property originally.
For further evidence, compare each tax bill you do have, for the listing of values, to make sure there were no changes that would impact any estimation of the current bill's numbers. Typically, most tax bills' property valuations change only due to improvements made and reported to the taxing agency or due to reassessments made by the taxing agency itself for equalization procedures.
Another method is to contact a local real estate agent for assistance. If there were in business when you purchased your property they should be able to give you a good approximation.
While the exact number is important, a good, reasonable estimation based on reasonable assumptions, will pass muster with the IRS and most tax agencies.
Use the original purchase price of the land when you bought it.
Seems like I can only get the land value and improvement value from that year's property tax bill, which I don't have it. Any other way to estimate them?
Yes, there are multiple ways you can find the land value at the time of purchase. It may not be exact in any of the cases but what may be the easiest way is to look at your current year's land and improvement value bill, add the 2 and compare that number, and the ratio of land to improvements, to the price you paid for your property originally.
For further evidence, compare each tax bill you do have, for the listing of values, to make sure there were no changes that would impact any estimation of the current bill's numbers. Typically, most tax bills' property valuations change only due to improvements made and reported to the taxing agency or due to reassessments made by the taxing agency itself for equalization procedures.
Another method is to contact a local real estate agent for assistance. If there were in business when you purchased your property they should be able to give you a good approximation.
While the exact number is important, a good, reasonable estimation based on reasonable assumptions, will pass muster with the IRS and most tax agencies.