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Inherited 5 acres with older house from mothers death 2008.

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inherited 5 acres with...

inherited 5 acres with older house from mothers death 2008. Tax bill said market value was $403000 then. Now tax bill says it is worth $270000. Contract with developers for $525000. Then zoned as R2 new zoning will be R8. How to figure what true value was in 2008 is my question. We would not have sold at $403000 in 2008. Should we figure how much land would've been worth as R8 in 2008 to establish market value then to figure gains or loss after sale for next year taxes?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Myself ,sister and brother are on the deed.(3 of us)

Submitted: 4 months ago.Category: Tax
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Customer reply replied 4 months ago
We are in georgia
Answered in 10 minutes by:
4/3/2018
Tax Professional: Barbara, Enrolled Agent replied 4 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,696
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Tax bills usually provide an ASSESSED value not a MARKET VALUE.

Assessed value is always lower than the market value.

My best advice would be to contact a local real estate agent in the area who will be able to provide you with a better estimate of the fair market value of the property in 2008.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 4 months ago

Just following up with you to see if you have any other questions/concerns. If so, please let me know so I can continue to assist you.

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