But, That’s Not What You Can Buy It For
Estimated Market Value — Building: $400
Estimated Market Value – Land: $150,000
Estimated Market Value – Total: $150,400
–Hennepin County 2014 Property Tax Records
It’s not unusual for the land underneath an older, dated home to be worth more than the home itself.
That’s especially true for a larger lot — more than .2 acres or so — in a desirable, closer-in location.
What is unusual is for the land to represent 99.7% of the total tax assessed value — especially when the home isn’t falling down (see below).
Tear-Down?
In the case of this Minnetonka listing — currently on the market for $225k — the home is actually in good condition.
Make that, very good condition.
While it’s only two Bedrooms, two Bathrooms, and 1,200 FSF — it’s completely renovated with a new Kitchen (including cabinets, counters, and appliances), refinished hardwood floors, and new Baths.
P.S.: Usually, the building accounts for 65% to 75% of the property’s tax assessed value, while the land represents the remaining 25% to 35%.
