Land Value for out of country apartment

[tk333]

How to find out the land value in case of Apartment (Condo)? We are not owing any land only a unit in the multistory building. There is nothing mentioned in the property tax and not mentioned in any papers. Please let me know.

[TeresaM]

It depends. This can be handled in several different ways.

In some condominium communities, there is a unit and also a share of common property. In this case, the fair market value might be mostly the unit but a portion for the "land."

If your unit does not have anything on assessments or title that specifies any common property, you can leave the land entry as blank or put in a 0. The reason this is important is that buildings can depreciate and land does not. That is why they break it out by percentage.

[tk333]

Thanks TeresaM