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February 14, 2009
land value on NYC assessment
My accountant needs to know the "land value" from our assessment. On our "Tentative Assessment Roll," though, there is nothing listed in the Market Value box for LAND, only for TOTAL. There is a number under LAND for the "6-20% limitation" category, but I have no idea what that means. Any help understanding this would be appreciated!
My accountant is thinking I might need to get an independent appraisal; if so, any recs?
Comments
You shouldn't need to spend money on an appraisal for this.
Go to Propertyshark.com and look up your property. It will list an assessed land value and a total value. Calculate the percent that is land. Use this percent as a percentage of the price that you paid for the house. Print and keep this with your tax records as to how you arrived at this number (as well as for when you sell).
Example:
Property Tax Assessment
Actual land $9,051
Actual total $30,106
9051 + 30106 = 39157
9051 divided by 39157 = .23 (or 23%)
Price paid for house x .23 = land value of house
Hope this helps.
Posted by: SenatorStreet at February 14, 2009 12:00 PM
Forgot so say: In many other places the land is worth more than the houses - here in NYC the house is worth more than the land.
Posted by: SenatorStreet at February 14, 2009 12:02 PM
gosh, thank you SO much!!
very much appreciated.
Posted by: tanner at February 14, 2009 9:54 PM
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