Dog Park

[justinschroeder]

The vacant land has recently been improved that cost $200,000? Such as landscaping and fencing? If the land were vacant and could be put to its highest and best use, what would the parcel be worth?

I have a dog park about a mile away, adjacent to a people park, with roof cover, splash area, playground, parking, trails, bridges. It cost $5 million, but paid for by the city. The dog runs have gates and two fenced runs for up to 35 pounds, and over 35 pound dogs.

This is exactly my question. If you were to appraise your dog park, it cost $5,000,000 new as a special use, however, would you value it at its special use cost or its redevelopment land value which would be significantly lower.

 

[justinschroeder]

I'm assuming its an acre or two or three.

What have you determined the H&BU to be?

It is one acre. The parcel is irregular, the town has had limited development, the best use is for one single family home. The land value is around $60,000

 

[Elliott]

$5M for the whole park. Dog runs are at the bottom and right side of the photo.

 

[Fernando]

$5M for the whole park. Dog runs are at the bottom and right side of the photo.

View attachment 101940

That's one nice dog park. If only I had a dog to take advantage of it.

 

[Greg Graybadger]

Hi Justin. If your appraisal will be used for tax purposes, be aware that IRS has specific requirements which may include your signature on Form 8283 Section B, timing requirements (no earlier than 60 days before donation and no later than due date of tax return), use of a certain definition of value, and others. Your complete report may be subjected to IRS scrutiny. If this is relevant to your assignment, get specific guidance. I realize this is not the topic of your post, but such matters are often overlooked.