Factors that can impact or influence the value of a property include soil types, topography, access, overall location, condition, level of improvement, water rights, etc. The appraiser’s role is to investigate the available details on the property through owner interviews, research of county records, available maps and other sources. The property details are then analyzed and compared to other properties in a similar market area as the subject, and the highest and best use is determined.
While evaluating land, the appraiser will examine many factors and features of the property before determining market value. Here are just a few examples of what an appraiser may look at in a piece of land:
- Access -- How easily is the property accessed by farm equipment?
- Topography and amenities -- Certain land types will be more valuable than others. A tract of land with many hills, rocks or ravines will be appraised differently than a generally flat parcel with excellent soil that lends itself to planting.
- Configuration and size -- A property’s general layout also will influence its value. Irregularly shaped tracts, or those that are cut up into many small fields, take more time and are less efficient to farm.