How does Land and Improvements Change after Sale

[Gaurav Mehta]

I have a few question about how prices for Land and Additions are changed post sale. Say there is a property listed for $975,000. Based on its most recent tax statement it shows

Land : $18,445

Improvements: $80,666.00

1. Does improvements mean the price of the built house?

2. How would the land and improvements change if the property were purchased at the asking price of $975,000