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Just so you know that I've seen assessed values of houses in the $300,000 range off by as much as $50,000 from market value on occasion, in either direction.
Texas is a non-disclosure state, so you don't have to tell anybody, even the taxman, what you paid for your property. (Yes, we do still value our privacy here.) Value of the land is going to be based on all those others things and, like any other property, sold comps.
Many Texas Appraisal Districts are members of the local MLS, and know exactly what the properties sell for.
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Originally Posted by Diana Holbrook
And parcels that are classified in timber, open space or agricultural tax status with have a low or even zero tax assessment.
Again, in Texas, the market value will be shown, and then the value after the exemptions are applied. It wouldn't be surprising for that to be the case elsewhere.
Many Texas Appraisal Districts are members of the local MLS, and know exactly what the properties sell for.
Again, in Texas, the market value will be shown, and then the value after the exemptions are applied. It wouldn't be surprising for that to be the case elsewhere.
Yep. They've started doing that, SOME of them, in recent years. But it's not a sure thing, and it's mostly for houses in town - valuing land is a whole 'nother ball of wax.
I've protested our own taxes and defended our ag and have found out that some are very sharp, and some, I know more about the statutes than they do.
How would you look up the monetary value of a particular plot of land somewhere?
If you're looking to sell the land have a real estate pull up comps in the area. This is one of the ways you can find out land value. You can also have it professionally appraised. Checking public tax records of neighboring land/sales may help as well.
I am dealing with a seller right now who has 1100 acres with 8 building on it. There is just no way to find a comp for that sort of land. So we are using Agriculturally zones sold comp as the basis for our asking price.
Zoning come into play as well for value, how is you land zoned?
Just so you know that I've seen assessed values of houses in the $300,000 range off by as much as $50,000 from market value on occasion, in either direction.
Texas is a non-disclosure state, so you don't have to tell anybody, even the taxman, what you paid for your property. (Yes, we do still value our privacy here.) Value of the land is going to be based on all those others things and, like any other property, sold comps.
If the local taxing authority doesn't know the purchase price then how are property taxes determined? Just by the assessment, which may be high or low?
If the local taxing authority doesn't know the purchase price then how are property taxes determined? Just by the assessment, which may be high or low?
Yes, by what the tax man thinks the property should be assessed at. They have SOME information because, as said above, some have someone who is a member of the local MLS (but that works better for in town houses than for land, which is a whole 'nother ball game), and some people who are protesting their taxes will bring in comps and TELL the tax man what they are, and some will bring in their settlement statement when the tax man values their house at more than they just paid for it, so that information is put into the mix.
Yes, by what the tax man thinks the property should be assessed at. They have SOME information because, as said above, some have someone who is a member of the local MLS (but that works better for in town houses than for land, which is a whole 'nother ball game), and some people who are protesting their taxes will bring in comps and TELL the tax man what they are, and some will bring in their settlement statement when the tax man values their house at more than they just paid for it, so that information is put into the mix.
Here in Maryland all property is reassessed by the State on a 3 year cycle so assessment and market value tracks pretty closely in normal market conditions.
They do their calculations using recent sale prices and trends (time on market being one). In my/our case our house has been Homestead Exempted for thirty years so our taxable assessment is well below market assessment. If we ever sell that taxable assessment will rise to the purchase price so the buyer will likely have a tax load of double what we pay at the least. I say that because we're in a sort of bubble situation right now.
If you're looking to sell the land have a real estate pull up comps in the area. This is one of the ways you can find out land value. You can also have it professionally appraised. Checking public tax records of neighboring land/sales may help as well.
I am dealing with a seller right now who has 1100 acres with 8 building on it. There is just no way to find a comp for that sort of land. So we are using Agriculturally zones sold comp as the basis for our asking price.
Zoning come into play as well for value, how is you land zoned?
All I know is that this is farm land with cattle and there's a house on the land, too.
We are in a similar bind. The people who owned the home we bought this year, years ago gave a small sliver of land to a relative, who uses it for storage. It's probably about 50-100 feet long by 15' wide. They have a large metal storage container and a work type truck on it. Behind it is all trees leading to the lake. The guy who owns the sliver is moving and offered to sell it to us for $5,000. We want to buy it mainly because we don't want anyone else to. According to him, some neighbors who don't have lake access are interested. If someone else buys it they will chop down the trees and we feel will lower our property value as well as ruin our lovely private area. $5,000 seems like a lot though and the timing couldn't be worse as we need a septic system and roof. It seems like it's just a guess how much it's worth really. I don't know how accurate going by tax assessment is.
All I know is that this is farm land with cattle and there's a house on the land, too.
So if you came to me looking for a value, I'd check sold comps on similar properties. If there weren't any I'd use previously sold agricultural land in the area. I'd cross-reference with tax records and also currently listed properties. This would give you a good average of what land is selling for and has sold for in your area and you should be able to evaluate the price of your land at current market value. Tax assessments, especially out in the country, at least where I live, properties are taxes waaay below their current market value in most cases. Best to have your property evaluated by a professional, either appraisal or real estate pro in your area.
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