when buying land does the tax value mean that it is the value of the land?

Answer 1

The value of the land is determined by the market. Tax Value is determined by the county

Answer 2

Boston's answer is very good. Just missing one key piece, added by the next one from ogrendle. Put those two answers together and you have the full story.

The county assessor's office determines a "value" for tax purposes, based on similar sales and values in the area. It is not necessarily what any piece of land could actually sell for, but it is an educated, and often conservative estimate. Many assessors will peg the number slightly low, to avoid waves of people fighting their assessed values.

If you are looking to purchase this piece of land, if you are financing the land you will likely need to get an independent appraisal of the value from a certified real estate appraiser. If you are paying cash, you might save a little money by getting a "broker's opinion", finding an experienced real estate agent to give you their best estimate on value. Both an appraisal and a broker's opinion will look at recent comparable sales in determining value, but the broker's opinion, while valid in it's own right, is rarely acceptable for bank's financing purposes.

Answer 3

Yes. The tax value will be based on the applicable tax rate per the assessed value of land. If you construct a home on the land, it is considered to be an "improvement of the land" and therefore, the assessed value goes up.

Total assessed value becomes= land value + improvements...then apply the applicable county tax rate.

Answer 4

no the tax value is determined by the county