What Is The Formula For Assessing Land Values On Ct?

[justasking]

duplicate

 

[justasking]

justasking,
Looks like its a mystery worth pursuing.

Well, with all due respect, it should not be a mystery to the folks who frequent this site yet I cannot get anyone to give me the "formula" for valuing a given home owners land.

Tell me how they do it where you live.

Take your home and compare it to another in your neighborhood with land twice as large as yours and see how it stacks up. Is your neighbor paying for land at the same rate as you and if not, why not?

Simple enough. Who will take my challenge?

 

[BRCJR]

Well, with all due respect, it should not be a mystery to the folks who frequent this site yet I cannot get anyone to give me the "formula" for valuing a given home owners land.

Tell me how they do it where you live.

Take your home and compare it to another in your neighborhood with land twice as large as yours and see how it stacks up. Is your neighbor paying for land at the same rate as you and if not, why not?

Simple enough. Who will take my challenge?

I will step up and take your challenge.
The formula you speak of may be different in every single municipality in the USA. It is done using Appraisers, assessors, algorithm's, wild guesses (sounds like your market), just to name a few.
In my market when we disagree, and don't know how to do it ourselves, we get an appraisal done for tax assessment rebuttal.
Hire an Appraiser.

 

[Joe Flacco]

There have been some good responses to your question in the thread. The value of the land does not depend on size only. Let's say a one acre lot that you can build on house on is worth $500k. If you have a one acre lot that you can't build on, then it is going to be nearly worthless. It is what you can do with the land that creates a lot of value.

 

[Joe Flacco]

My best guess is that if there is a rate per SF of land on your assessment then that number was calculated after valuing the land as a whole. They took the estimated value of the land and divided by the size and gave you a rate per SF or acre. I don't think they took the rate and multiplied by the size to get the assessed value since the rate is not fixed.

 

[Joe Flacco]

This is probably a good place to start for you. The website says there are 169 cities and towns in Connecticut and the local government administers property assessment and taxation. All of the cities and towns probably have their own "formula".

http://www.ct.gov/opm/cwp/view.asp?q=383128

 

[DCFjay13]

I work in assessment and we have two base values for land. Front foot and acres. Each have a different rate depending on the neighborhood. We also have different land conditions for acres; wooded, tillable, mine, brush, etc. Then we have factors that are applied to the base rate, which reduce value. Such as
; vacant, low and wet, sloping, etc. Without knowing all of these variables it would be difficult to surmise how your local assement office calculates land value. In a previous post you stated you had the value reduced. Typically when this is done the value can be taken from anywhere. Whether it's the land, improvements or an override of the market value. These values are set by the Board of taxation or Board of revision whatever the nomenclature is in your town. These are a judicial parts of the government and can set values how ever they like. If your trying to get the value reduced. Your best bet is to have an independent appraisal done by a licensed appraiser.

 

[Howard Klahr]

Well, with all due respect, it should not be a mystery to the folks who frequent this site yet I cannot get anyone to give me the "formula" for valuing a given home owners land

With all due respect the answer HAS already been provided yet you do not seem to be listening.

 

[MICHAEL O'BRIEN]

The assessor is new this year so she did not make any of these valuations, but, yes I did email her twice asking for how they (the town) arrive at a given value and she did not reply back. She probably has no clue as to how it was done and she is probably praying I do not make a public issue of this where others examine their assessment compared to their neighbor.

All the properties I have sampled and reported here are developed and for some time. All are within a stones throw from my house. The one that is 1.11 acres is above me and the other two directly across the street from me. He (1.11) is younger than me by some 10 to 15 years so age is not the issue, here.

You can look anywhere here and find this over and over. The only place I find it stays the same is for streets where the lots are exactly the same size. The houses on the lots are all different in size but the lots are the same. In those cases the lot values are all identical. Again, not adjusted for age or military experience.

No matter how you slice it, someone who owns more pristine residential land than another should not be given a tax discount for that reason. I know of no other situation where this same philosophy applies.

As to the Connecticut documents posted, above, I find no reference to how to set land values from home to home, so if it is there please point me to it.

I serve as an elected member of the Assessment Appeals Board in my CT town. The original land assessment is most likely derived by the assessment company hired to the re-valuation. Most towns do not have enough time or staff to complete town re-valuations. One of the common assessment companies that complete the assessments for towns in CT is "Vision Appraisal", or "EQuality Appraisal". They most likely developed the land value based on land sales in the neighborhood, or townwide (if few land sales are available). The town is required to do a "physical" (interior and exterior) inspection by assessment company or town staff) re-valuation of the house every 10 years, by CT law. The town is also required to do a "statistical" (computer only) revaluation of the property every 5 years, which is also typically completed by the assessment company, or less likely, the local town Assessor's office itself. The two assessments completed in your town within the ten year period are intended to smooth the "pillar to post" real estate valuation variances that can occur within a ten year period. When these two assessments are completed, you have an opportunity to meet with the appraisal company staff and local assessor's office staff (for each re-appraisal) DIRECTLY to discuss the assessed values of your land and other site improvements, such as the dwelling/house, detached garage or barn, etc.. This is the BEST TIME to discuss the process, comps, or formula that the appraisal company, or town assessment staff, relied upon to develop the land or improvement assessed values. Your land assessment value can best be explained then and there, by the very people who assigned the value. As noted by other forum members, site valuations can be adjusted based on both positive and negative factors, such as a good view of ocean/pond, or a negative view of high power lines/towers. Residual (excess land) is typically assessed significantly lower than the primary building site. In any case, your assessor will likely tell you that you will need to schedule a meeting date/time with the Assessment Appeals Board, which typically meets to review/discuss real estate appeals in the March-April time fame every year in CT. Usually, the only way an assessment can be changed in between the two re-valuations is by the Assessment Appeals Board, unless there are clear clerical errors or misinformation. Hope this information helps.

 

[Terrel L. Shields]

WOW! CT allows for interior inspections???