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Using assesed tax value numbers to calculate land value?

I am trying to figure out land value for rental properties I own and noticed on the state site it has a tax/assesment breakdown.  

It shows 3600 for land, 44200 for structure and a total taxable value of 47800.  That gives me a land to property ratio of about 7.5%/92.%.  

With a cost basis of 140k on the property the land value would only be 10,500.

Does this all seem correct/accurate?  Just for reference, we are talking about a townhome with a small 1/10th of an acre lot.  

The CPA I paid last year had used a land value of 25,000 for a very similar property so didnt want to throw up any red flags doing it this way.
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Level 15

Using assesed tax value numbers to calculate land value?

You are doing it correctly.  You use the ratio (percentage) of the assessment, to the actual cost to compute the value.  This is one acceptable method to do this.

Another is the appraisal, if you got one when you purchased the property.  

Nice job!  

View solution in original post

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Highlighted
Level 15

Using assesed tax value numbers to calculate land value?

You are doing it correctly.  You use the ratio (percentage) of the assessment, to the actual cost to compute the value.  This is one acceptable method to do this.

Another is the appraisal, if you got one when you purchased the property.  

Nice job!  

View solution in original post

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