Is this a legit way to calculate the value of land?

[AbbyStone]

There probably aren' t many sales. So...as a comparison, what does the assessor say the Land component of your taxes is worth?

$23k

The appraiser asked YOU if it was able to be subdivided? The appraiser is REQUIRED to know that as that is part of Highest and Best Use. Geez. I am going to guess that the AMC charged you an enormous fee and gave the appraiser half the fee. I am also going to guess that the appraiser did not look up zoning, did not look up zoning regulations and has no clue about the potential uses of the land.

Your first post and subsequent posts are a little confusing. Please list the size of the lot(s) you are buying, and the sizes of the comparables along with the sales prices of those comparable lots.

It looks like there are 6 lots that are 5300 sq ft and 3 lots that are 6500 sq ft. Though in the appraisers calculations, she is assuming we are buying an additional 3 lots of 6500 sq ft.

Comparable #1
REO, sold for 65k, adjusted to 53k, lot size 7000 sq ft, adjustment of $1000 added for having a small site

Comparable #2 REO, sold for 60k, adjusted for 54k, lot size 1.3 acres

Comparable #3 sold for 82k, adjusted to 79k, lot size 3400 sq ft, adjustment of $2000 added for having a small site

Then there are the land sales she claims to have used to determine adjustments, 7000 sq ft selling for $3200, 3400 sq ft selling for $3200.

 

[AbbyStone]

There are other things that seem really off to me as well on the appraisal. For example, for the barn, shed, greenhouse and large chicken coop she adjusted $500. The replacement value would be $15k. Now I don't expect that she should adjust 15k, but there is a big difference between $500 and $15k! She said it was because they were in fair condition and implied that they were really in poor condition but she wanted to do us a favor by marking it as fair. All four outbuildings are completely functional for their intended purposes. Sure, a couple of them could use some new paint and the greenhouse is missing one window. They're not in excellent condition by any means, but $500 just seems ridiculously low.

 

[AbbyStone]

another question about this zoning issue. what is the exact zoning classification and zoning description shown in the report? Does it just say 'single family residential' with nothing more specific? Can you go to a city or county website and see what it shows as the zoning classification for the property? and right after that zoning information is the Highest & Best Use question. What is the answer to the HBU in the actual appraisal report?

Yes, it just says SFR on the appraisal report and on the county website. For the HBU question the box is marked yes.