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Land to Value Ratio Support for GBA

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Thread Starter
Freshman Member
Oct 22, 2005
Professional Status
Appraiser Trainee
I am doing an appraisal of a duplex with my supervisor and there has been only 15 sales in the whole town in the past 12 months, only 1 with a similar condition which sold 8 months ago, and only 1 with a similar GLA that sold 4 months ago. Estimating the land value is difficult because there is no land sales data or newly built duplexes, they all have been built in the 1960's and 1970's. Using the tax assessors data I pulled up 8 of the most proximate and recent sales, took their sales price per square foot (which includes land value) and then subtracted the land value out of the sales price per square foot by using the tax assessors land assessment value to improvement assessment value ratio.


123 Fig Street sold for $250,000 on 07/28/2008. It has 2,000 sf. of GBA. 250,000/2,000= $125 per square foot.
The total tax assessment is $394,066. $139,026 is land value $255,040 is improvement value. 139,026/394,066=35%
$125*35%=$44 rounded
$125-$44=$81 per sf. for GBA
I did these calculations for 8 other properties all which have similar lot sizes and want to include this data in the commentary to support the GBA estimations.
My question is how accurate is this data in calculating GBA? When property values are declining does this necessarily change these ratios? I also noticed all of the assessors values were higher than the properties sales prices which made me question the use of this data.
Haven't heard back from my supervisor and wanted to check the expertise of the community. Thanks all.
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