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.