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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

Tina
Tina, Lawyer
Category: General
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Real Estate Lawyers are online & ready to help you now

Tina
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16 years of legal experience including real estate law.
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20 years extensive experience in real estate law, foreclosure, finance, and landlord tenant law.
Barrister
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Satisfied Customers: 4966
13 years real estate, Realtor. Landlord 24+ years

Recent Land Value Questions

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    Under Utah Rules of Civil Procedure there is a section that deals with redemption of property sold after a seizure. It reads in part: Rule 69C. Redemption of real property after sale.
    (a) Right of redemption. Real property may be redeemed unless the estate is less than a leasehold of a two-years' unexpired term, in which case the sale is absolute.
    What does less than a leasehold of a two-years' unexpired term mean?
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    My question is this..I have a mobile home that I have a loan for...and I rent the property that the mobile home is on. Do I have to pay property tax?
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    We are renting a townhouse. The owners ended up in debt and the place was foreclosed and sold. Soon after that we had a visit from a realtor who said that he represents the new owners, a bank. He said to sit tight and wait for them to contact us. That was on October 3 and now it is November 23--still no news from the new owners. We got our deposit back from the old management company, as we said that since our old contract is no longer valid, we wanted our deposit (we were afraid that we might lose it).
    My questions are:
    1. Should we just sit and wait for the new owners to contact us? Right now we have been here for over a month with no contract.
    2. If the new owners contact us next week and offer us a new contract, do we have to pay them for the time that we have already spent here without a contract? Or if they backdate it to 1 November do we have to sign that and pay for November?
    3. It strikes me that we are currently living here without any contract, so the fridge, washer, dryer, heating, etc , all of which came with the house (are not ours)--if any of them break what do we do?
    4. What are our rights and what obligations do we have as tenants?
    We live in the state of Virginia, and have been living in this house since August 2013. We signed another one year contract in August of this year.
    Thank you.
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