Good evening! I am doing research on my first set of properties, but I’m a tad confused. There are 3 parcels they are interested in selling. I can see that they purchased all 3 at $5,900/each. The county website shows the value on the land, and two of them show a value of $625 where the 3rd shows a value of $500. Does anyone have experience in knowing if that value is accurate. The comparable sold properties in the area are all over the place. Anywhere from $100 up to $5,000. I’ll also mention (because it’s adding to my confusion) that the parcel showing the lower value is the only one with road access. Maybe I’ve been staring at my computer too long and my brain needs a break, but any help would be so appreciated. Thank you all!
@chelseamyers
Presumably you are looking at “assessed values.”
They are often meaningless. Who knows where they come from.
Actual “arms-length” sale prices are the only values that matter.
“arms length” means non-family transactions , and where no other exchange is involved.
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@chelseamyers
County prices are not reliable. As the previous poster said rely mainly on comparable sales. Just try and find a trend. And look at different sites. Zillow is a good starting place but you can usually get different comps on lands of America and others. Different sites are better for different states as well.