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ing sheds, equipment sheds, etc., are assessed, by law, at their full fair market value. .
The fair market value of the remaining 99 acres is not 99 times the value of a one acre lot. Larger parcels typically sell at much lower per acre rates than smaller properties.,
A ballpark figure of $3,000 to $4,000 per acre for a typical large parcel was provided by a Washington, Va., realtor. Therefore, it can be estimated that the fair market value of the remaining 99 acres is no more than $400,000 and, without a house, might be even less.
If the 99 acres are assessed according to their fair market value of $400,000 at the same 83 cents per $100 valuation as the one acre lot, the total real estate tax comes to $3,320, or $120 for the Fire Levy and $3,200 for the real estate tax.
The $3,320 is in addition to the separate fair market assessment on the house, its one acre homesite, and all the outbuildings on the property.
If the remaining 99 acres are assessed under the Land Use Law there are other considerations. The three percent per $100 of assessed value Fire Levy uses the full fair market value, the same as any other property in the county. The 80 cents per $100 of assessed valuation is computed on the land use assessments figures established through the SLEAC.
Conservatively, the 99 acres could be soil type V, VI, or VII and be valued at $320 per acre in 1998. That equala'a total land use value of $31,680. Alternatively, the soil type could be the much higher Class II, valued at $720 per acre\ in 1998 for a total assessment of $71,280.
Most parcels in the county fall between these two assessment extremes because of the variation in soil quality on the properties. In either case, however, the total assessment is substantially less than the property’s estimated $300,000 to $400,000 fair market value. The real estate tax paid to the county would also be proportionately reduced.
For further information contact Atkins, 675-3513.
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