Please correct me if I am wrong.
I understand that the improvement % / Improvement Value is what the building is worth. Would this mean that the construction of the building would cost about that much or most likely less?
Thank you in advance!
@Diego Campos , No. The improved value will refer to the extra amount the property is likely to sell for with its current building (based on its age and condition), vs how much it would sell for as a vacant lot. Sometimes that amount is a negative figure, which is to say it should sell for more if it WAS land-only!
(Not sure what you mean by improvement percentage)?
Welcome to BP. Cheers...
I presume you are referring to tax assessments because of the way you have used the term improvements. The tax assessment often has little relation to the real value of the property.
Cost to build can be be less or more than either the tax assessment or the true market value of the property. In depressed areas sometimes it would cost much more to build a new building that it would be worth. There are many $50,000 neighborhoods in Baltimore. You could not build a new brick townhouse for $50K
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