What is a good way to determine the value of vacant land? I typically base it on assessed value, purchase price, and comparables, but wondered if someone had a magic formula. I know the assessed values are all over the place.
Past purchase price of the property does not determine the current value of the property. Also, Property Appraiser's Assessed Value should not be relied upon for determining present value. I hope that you are not "typically" determining property value of land very often, if you do indeed base it on these two factors.What is a good way to determine the value of vacant land? I typically base it on assessed value, purchase price, and comparables, but wondered if someone had a magic formula. I know the assessed values are all over the place.