a small unbuildable parcel of land, I need to figure out how to determine the value to report on FASFA as an asset. Is the towns assessed value a fair starting point ?
The town’s assessed value is usually a %age of the market value…not the full value. Also, it depends when the assessments were last done. If the last one was 10 years ago, it could be very out of date.
How much has other acreage sold for in the area?
Piggybacking on this question @thumper1 even though original questioner never returned.
We have two vacant lots adjoining our primary residence. Other acreage sales in the area are nonexistent, at least going by Zillow. The nearest land sale is about 10 miles away. (It’s a very depressed area, and nobody is building anything.)
Assessments were last done over two decades ago.
I’m out of ideas. I figure I’ll just guess…?
Do you want or need to keep the lots separate? Sometimes the county is willing to combine the properties for tax purposes, and it really doesn’t increase your value that much.
@twoinanddone - thank you.
No, we don’t care. We bought them for privacy, not investment. But they’re in a private development. Maybe the township would do it, though. Thanks.
Unfortunately, it might be harder to get the properties replatted if some developer took the time set out the building lots.