QFarm land in NJ

[Big Joe]

I want your opinion and/or facts about appraising a home in NJ that has two tax bills. One with 1 acre land and dwelling. The other tax bill is Qfarm with 15 acres. Would you do the appraisal of the home with 1 acre, as the other 15 acres are assessed as farm land?

 

[Terrel L. Shields]

Ask the lender. If separated solely for tax or income purposed, but operated as a single economic unit, you could do it either way. Secondary market probably would want the house and 1 acre.

 

[Carlos Danger]

I would use all 16 acres. Noted the Q farm portion and what is being done for the necessary $500 yearly income from the farm assessed portion. A lot of times they board a horse, do some beekeeping or tree farm. Most of your comps will probably have a q farm portion as well.