Real Estate Law

Have Real Estate Law Questions? Ask a Real Estate Lawyer.

Ask a Lawyer, Get an Answer ASAP!

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.
Please type your question in the field below

6 verified Real Estate Lawyers are online now

Real Estate Lawyers on JustAnswer are verified through an extensive 8-step process including screening of licenses, certifications, education and/or employment. Learn more

Online
Tina

Lawyer

Doctoral Degree

★★★★★
5436 positive reviews
Online
Barrister

Lawyer

Doctoral Degree

★★★★★
10731 positive reviews
Online
Infolawyer

Lawyer

Doctoral Degree

★★★★★
7614 positive reviews
See all Real Estate Lawyers
JustAnswer in the news:
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
Web sites like justanswer.com/legal
...leave nothing to chance.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.