Who Do I Call Regarding Value Of Land vs Home?

[legomom922]

I know what the purchase price of our home was, but how do I find out what the value of the land was back in 2003? Who do I call to find out?

[SilverSabre25]

your county auditor?

Or, the information might be with all the paperwork from when you bought the house.

[dEHmom]

property tax statements.

there's a land value and a building value.

[legomom922]

property tax statements.

there's a land value and a building value.

On the latest tax statment it says home assessed at 123, land value 17,000.

However, how do I find out what it was in 2003? Those papers are longgggggggggg gone!

[dEHmom]

might have to call the city hall or whoever handles those. They might charge you a fee for digging up the old files though. I'm not sure. I can't imagine it changed tooooo much.

[legomom922]

I called the assessors office. thanks!

[TomCopeland]

Land value

Since your land is worth 13.8% of your home now, multiply 13.8% times the purchase price of your home to determine the land value in 2003.

[legomom922]

Since your land is worth 13.8% of your home now, multiply 13.8% times the purchase price of your home to determine the land value in 2003.

Tom, When i called the acessors office they looked it up in their computer, and they told me the land value at the time was $15,000 and the purchase price was $80,000. When I do it the way yo explained it comes out to $11040, so now I'm confused..My husband bought the home at teh time as a HUD home as most homes in this area are at least $115000, $118000 with $125000 being the most common, and a home in this area for $80000 is practicaly unheard of. Could this be why? Or is this a formula to use as a appx when you don't know the value? Which way will it benefit me more? LOL I'll use whatever number is more benefical to me!

[TomCopeland]

Land value

You would prefer to have land be low in value because land can't be depreciated.

Are you saying you actually paid more than the $80,000 that your assessor said you paid? If so, use the higher number. But you will need proof that you paid the higher amount.

[legomom922]

You would prefer to have land be low in value because land can't be depreciated.

Are you saying you actually paid more than the $80,000 that your assessor said you paid? If so, use the higher number. But you will need proof that you paid the higher amount.

Sorry you lost me on this one. He paid $80,000 total but acessors office said $15000 was for the land and the home would be the rest, so it would be $65,000, but now it is acessed for $123,000 and no one has ever been out here to look at it, so I dont know what it was acessed for back then, so now he did not pay more than 80,000, but my guess is it probably was acessed for more?? I guess I will have to call again and see what they had it acessed for back then??

[dEHmom]

I don't know if I'm confused here, but in canada our tax statement comes in with this:


Land Value Building Value % (45%)


I don't knwo where they get the land value from exactly, i think it has to do with the frontage? but anyway, building value is 45% of the actual value of the home based on an assessment.

[legomom922]

I don't know if I'm confused here, but in canada our tax statement comes in with this:


Land Value Building Value % (45%)


I don't knwo where they get the land value from exactly, i think it has to do with the frontage? but anyway, building value is 45% of the actual value of the home based on an assessment.

Must be different in Cananda because currently in 2010, our home was asessed at $123,000 with $17,000 of that value for land, according to my 2010 tax statement.

[TomCopeland]

Land value

Sorry you lost me on this one. He paid $80,000 total but acessors office said $15000 was for the land and the home would be the rest, so it would be $65,000, but now it is acessed for $123,000 and no one has ever been out here to look at it, so I dont know what it was acessed for back then, so now he did not pay more than 80,000, but my guess is it probably was acessed for more?? I guess I will have to call again and see what they had it acessed for back then??

Okay - Your original question was what was the land value in 2003 when you bought the home. I assume therefore that you've found out that the land value was $15,000 because I'm assuming that you purchased the home in 2003. Therefore, the amount you depreciate for your home is $65,000. It doesn't matter that the value of the home today is much more. You depreciate your home based on the lower of the value of the home at the time you bought it or the value of the home at the time you starting using it for your business.

[Unregistered]

I'm not too well versed in laws relating to land but i'm planning to sell too. The thread is very helpful and will definitely refer back again when try to calculate the value of my land way back.

[legomom922]

I never asked for this, but when I called the asessors office the other day, they printed up a sheet for me on their computer and mailed out eaxtly what the land & house was asessed for back in 2003! Now I have a new document for my records that I didn't request, but recieved anyway!