jim dee wrote:@mark tudor
Looking forward to a detailed report of Stevens Co.
And surrounding areas if you hit it.
Bryant RedHawk wrote:Since in my day job I'm an Arkansas Level 4 (senior) Appraiser, I think I can give some advice on this subject.
There are several different types of land, each with its own valuation process.
Commercial Land is land that is for business use it will have the highest per sq. ft. value. I've seen this type go for as much as 1,000,000 and acre. and the value per acre does not drop by volume buying.
Residential Land is what you find in most housing developments, price is set by roads, water, electricity, sewage availability and type of houses built in the development. High end homes mean high end prices.
Rural land is "out in the country" living, prices will be lower depending on utility services available if you have all the utilities (like in a housing development) expect a higher price.
Farm Land is land with a history of being used for food production, this is lower in price than Commercial land but is usually priced at a higher rate than Rural Land.
Timber Land is land expected to have harvesting of trees going on, again it is lower in price than Commercial land but profits can be made so it will be higher in price than Rural land.
Location is always a key factor this can be broken down into State, County divisions. Land in California, New York, and other high density states will be higher than states with fewer people per sq. mile.
Suitability of land for use type is also a factor. Swamps and wet lands will be priced lower than pasture, or crop field land. Mountainous land will also be lower priced than flat land.
In most cases for 2016 land purchases, land that will be suitable for our particular uses will be priced from 2,000 to 5,000 per acre.
This is land that is: 1. undeveloped or "Raw" = no road in place, no electric in place, no water in place, no sewer system in place.
2. Marginal land = land on the cusp of being suitable for development. This would be land next to a swamp but not in it, land that has no flat area, etc.
Land prices are dependent upon several other things, such as; owner desire to sell, Weather history (in an area prone to floods, tornadoes, hurricanes and so on, prices should be lower than comparable land with out these hazardous histories).
Example: Where I live we have had two EF-4 tornadoes in a three year period, this has created a situation where many "buyers" are no longer interested in moving to the area. Land values are dropping because of this one factor.
The land surrounding our place had a 2008 value of 20,000 per 5 acres or 4,000 per acre. The current value of this same land is now 2,000 per acre.
Land value is very much location dependent, you can research values in your area by talking to a realtor or by going to the Assessor's office and asking one of that offices appraisers.
Keep in mind that Taxable value will be lower than Sale (Market) value but it should be within 20% of Sale or Market Value.
Researching Land Values is always the best way to make sure you aren't over paying for land.
Finding out of your state has a practice of selling tax delinquent land through a State Land Commissioner or other office is a great way to buy acreage on the cheep. Usually these sales are by public auction for a price close to the owed taxes+the assessor's valuation. HI......quick Q: I inherited my property. So I can't complain. Love it. 36 acres. Rural. Small town. Biig cities 45 minutes. Forestry Dept said....oh yeah...get so and so cut pine. Then we'll cut FIRE LANES, guide you with reforestation. YEAH. Now they tell me 30 acres of land is wet land. Can't do nothing. Can't plant pine. Even said...I cant walk on it! I don't know if this policy has changed with new president. BUT...IS THE VALUE OF WETLAND ZIP? There was no mention of WETLAND on my parents 1985 deed. Now, I MUST declare it if I sell it.
Un Jung wrote:HI......quick Q: I inherited my property. So I can't complain. Love it. 36 acres. Rural. Small town. Biig cities 45 minutes. Forestry Dept said....oh yeah...get so and so cut pine. Then we'll cut FIRE LANES, guide you with reforestation. YEAH. Now they tell me 30 acres of land is wet land. Can't do nothing. Can't plant pine. Even said...I cant walk on it! I don't know if this policy has changed with new president. BUT...IS THE VALUE OF WETLAND ZIP? There was no mention of WETLAND on my parents 1985 deed. Now, I MUST declare it if I sell it.