How do I calculate my land value and improved value for a condo? When I go to the county's assessor's website the total value is about $21K, but my FMV is about $300K.

[Mike9241]

you have to ask then why the %'s change, not that it really matters. once the values are established (the year converted to rental) you don't change them in the future. you have the option to pay for an appraisal. by the way, the IRS has its own appraisers and they would likely come up with values that differ from your county's. if you got multiple independent appraisals they would likely differ from each other provided that the appraiser just didn't look at what the county put out. you see the words "our estimate".for me the words our guesstimate" is more proper. if you were to sell, I would be surprised if the gross sales price didn't differ from the total appraised value. the county only sees the outside. a buyer is supposed to get a disclosure of any defects and gets to see both the inside and outside.

[rzs]

I do have the same problem. I am also living in San Diego county and the assessor allocated 75% of the value to the land. it absolutely doesn't make sense.  @abaldman were you able to find out how to adjust/change it.

[ColeenD3]

It is up to you to determine land value vs property value. There are several ways to consider it. When you originally began to depreciate, you allocated a portion of the purchase price to land. You can use the same percentage. If you think the land appreciated more, give it a larger percentage. If you think the building appreicated more, give the land a smaller percentage.

Look up the land value in the appraisal that you ordered as a part of buying the property and getting a mortgage. If you did not receive an appraisal, look to the property's assessed value to obtain the value of the land, but ordering an appraisal may be a better choice. Land

Also, see this great post from @DianeW.

If you do not have any information to determine land value, the IRS auditor will not have any information either.

Percentage allocation is one way to make a decision. 

If your personality is aggressive, you may want to allocate 80% of the value to the building and 20% of the value to the land. If your personality is conservative, you may want to allocate 60% of the value to the building and 40% of the land.

  If you are not certain of the fair market values of the land and the buildings, you can divide the cost between them based on their assessed values for real estate tax purposes.