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Land Value Questions

What is land value?

Land value refers to the value of a land that may be derived from a real estate appraisal. The land value that is got from a real estate appraisal is usually considered to be the market value of the land. Individuals need to understand the importance of land value if they are planning to either sell or buy new property. Given below are popular questions about land value asked by individuals.

Would the Value of a House Increase if the Land Value of the Area Rises Drastically?

In most situations, the value of a house would increase if the land value of the area rises drastically. Appraisals of properties may be based on the sales of similar properties in the area. Hence, if the price of the land in the area increases, then it will affect the appraisal of the property and increase the value of the property.

What Percentage of the Land Value would a City have to pay an Individual for a Utility Easement?

The laws regarding land value may be different in different parts of US. In some states like New Jersey, the city may have to pay the individual the reduced value of his/her land for the utility easement. If the value of the land is not diminished, then no payment needs to be made. The individual may need to get appraisals done for the land before and after the easement to determine the land value.

How can an Individual Determine the Land Value of a Vacant Residential Property?

An individual may determine the land value of a vacant residential property by getting a property appraiser to do an appraisal of the land and give an unbiased opinion on the value. If the individual does not want to pay an appraiser, then he/she may get a real estate agent to run a comparables report through the MLS service.

Can the Owner of a Condominium be Taxed on the Land Value?

A condominium owner may be taxed for the land value on which his/her condominium is located. He/she may be taxed on the proportionate ownership of the land on which his/her condominium is built.

How does an Easement Affect Land Value?

An easement can either increase or decrease the value of a property. It if runs through the entire property and makes it difficult for the property to be used for anything else, it may decrease the value of the property. If it brings people to a commercial property, then it can increase the value of the property to a great extent.

Can an Individual Challenge an Appraisal of his/her Property if the Land Value was not included in it?

An individual may have the right to challenge an appraisal and ask for a second appraisal of the property if his/her land value is not included in it. Most licensed real estate appraisers may operate according to their own rules and professional standards. No legal authority may question how the appraisal was conducted. The individual may however, file a complaint with the state department of commerce about the method of appraisal used but he/she may not be able to force the appraiser to change the estimated value of the property in the appraisal amount.

Land value assessment can have an impact on the value of an individual’s residential or commercial property. Knowing what is land value and how to determine land value will help individuals understand its importance.

Ask a Real Estate Lawyer

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Tina, Lawyer
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Recent Land Value Questions

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    Hi, I have a complicated situation. I rent a room in my house and - until now - it has gone well. Three weeks ago I rented to a man who has since become my worse nightmare. He will not listen to me about anything, has locked me out several times (I don't have a key to top lock - I only lock it at night, and I have asked him to let me lock that lock) and he lets my dogs run loose (I kennel them in an enormous kennel during the day) - he lets them out. But the worst part is that he yells and curses at me - he called me a psycho in front of a contractor Saturday afternoon. I told him before he moved in that the house is for sale and he would have to keep his room reasonably clean which he doesn't, and he moved absolute junk into a furnished bedroom. And, he is running an office out of my townhome - against the rules and regulations I am quite certain.
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    Hello, we recently had a small set of complaints about "bird" noise.
    We have lived in the same house with the birds for 10 years without incident. We have what we believe have good relations with our immediate neighbors. We want to understand who is complaining now to understand the concern and possible options. We know one neighbor has a history of reporting minor offenses without any direct discussion.
    We asked if we can get the names and locations to start a conversation and take reasonable next steps. We were told that complaint details to the HOA are considered private.
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