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What determines the Land Value of a property?

  • February 27 2013 - Kingston
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Answers (2)

Profile picture for blub blub blub
It's going to depend on it's use and location. 

Developed land that has utilities on or nearby will have higher value than those that do not. 

A property that has a house on it but the house it dilapidated may be selling for the land value and be more than undeveloped land without a structure, but less than other nearby properties that have useable structures. 

Vacant land will be priced for its use, location and desire.

The best way to determine the value of the land is to compare it to other properties of the same kind in the same area that have sold and adjust for size and location.
  • February 27 2013
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Appraisers look at a property based on what they consider 'highest & best' use and this usually is impacted on what the zoning is. I residential zoning might allow for a single family house as well as a 4 unit condo building. You need to do an apples to apples comparison of land value and this can be a bit tricky if the zoning allows for multiple uses. If the land can only be used for 1 use, like a house, then it is easier to value.
  • February 27 2013
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