Need Help Finding Land Value for Cost Segregation, Tucson AZ

[Keegan Schaub]

Hi, I have a home I just acquired and my accountant and I are having trouble finding an accurate 'land value' assessment for a cost segregation report. The county assessor has it as $502 but says that is a placeholder for all land values in the Pima County area.

Our next option is to find a RE professional who can perform a limited scope land appraisal by pulling land comps from the area. 

Is this the usual process to find land values in the Tucson, Phoenix area?? If so, are there any RE professionals on BP who can help me out with the land appraisal comps?

Thank You

[Joshua Thompson]

I believe someone just posted a great discussion regarding finding land values in this section a few days ago. I would highly recommend giving that post a read!

For our clients, we typically look at the most recent appraisal, county records, or property tax statements from the year of purchase. We don't do an 80/20 or 70/30 rule as it doesn't give you any ground to stand on if ever audited. 

If you don't have an appraisal and cannot rely on the county website then speaking with an appraiser sounds like your best option to get an accurate valuation. Be sure to ask them how close their appraisal values typically compare to the county records before starting this will give you an idea if in fact the county records are far off. Take the answer with a grain of salt because values can vary drastically.   

[Joshua Thompson]

Here is the post https://www.biggerpockets.com/forums/51/topics/1204912-how-t...

[Malik Javed]

Quote from @Joshua Thompson:

Here is the post https://www.biggerpockets.com/forums/51/topics/1204912-how-t...

Thank you @Joshua Thompson!

@Keegan Schaub - Congrats on the acquisition. Hope the post can provide some insights.  Feel free to message with any questions.

[Joshua Thompson]

Quote from @Malik Javed:

Quote from @Joshua Thompson:

Here is the post https://www.biggerpockets.com/forums/51/topics/1204912-how-t...

Thank you @Joshua Thompson!

@Keegan Schaub - Congrats on the acquisition. Hope the post can provide some insights.  Feel free to message with any questions.

 Of course! Thank you for posting to the community!

[Jason Malabute]

When helping my clients with their tax returns and bookkeeping, especially when they have real estate properties, we usually obtain the land value directly from the county assessor’s website. For example, in Los Angeles County, the asset or appraisal value of the property is relatively easy to find online. I’ve also done this in Indianapolis, Indiana, by using the Marion County website, which provides similar details.

[Max Emory]

Hey @Keegan Schaub, congrats on the new acquisition!

For our bookkeeping clients, as a placeholder, we usually do an 80 (building) / 20 (land) split until we have the correct figures from the county records (it takes some time for those to post sometimes) so their bookkeeping records show something we can refine later.

It looks like you got some good insight from others too!

Hope it helps.