How Do You Find The Fair Market Value Of Land?
The market comparison approach and Fair Market Value (FMV) of land should be a reflection of the current actual sales prices that owners or sellers of land are getting for their land from willing buyers. The key to determining FMV of land is to have good, complete, and current information on suitable numbers of similar properties sold most recently—typically, in the last two to six months. Obtain the current sales information of comparable land to the property of interest.The best sources for FMV and comparable sales include the most recent sales records in the county or district courthouse or current tax records and assessments on similar properties. Additional resources include comparable land property sales in the immediate, adjacent and surrounding property districts. In most cases, current sales in a particular neighborhood, subdivision, county, or land district are used almost exclusively by some realtors to determine the fair market value. Many tax assessments are not current
