Finding out what your land is worth takes a little effort. You might have an old appraisal from when you bought the land, but property values change right along with your neighborhood. Whether you're just curious or want to sell, some simple research will give you a solid idea of what you can expect to get for your property on the current real estate market.
Look any appraisals from the time when you bought the land. The land value might be outdated, but it'll give you a starting point.
Get recent sales info for land around yours. Both the property tax office and real estate agents will have the info. Look at the recent sales numbers for land near yours and use the info to estimate your piece's value. Factor in how your land is different from the recent sales when you're looking at sales prices. For example, if it's not easy to get to your land from the main road, it'll probably be worth less than a similar piece with more access.
Speak to a real estate agent. If you're interested in selling, the agent will do some research to give you a reasonable price estimate.
Hire an appraiser. An appraiser is a licensed professional who will use sales data and other information to set a value in writing for your land. Fees depend on the appraiser and where you live. Real estate agencies will have lists of nearby licensed appraisers.
- Your property tax assessor will have a value assigned to your land, but it might not reflect true market value. Assessors don't use full market values for tax calculations.
Anna Assad began writing professionally in 1999 and has published several legal articles for various websites. She has an extensive real estate and criminal legal background. She also tutored in English for nearly eight years, attended Buffalo State College for paralegal studies and accounting, and minored in English literature, receiving a Bachelor of Arts.