How Does Property Width Affect Value?

Multiplying property width by property depth determines the total lot square footage. The square footage is multiplied by the average cost of similar sold properties determined to estimate property market value.

Large Parcel Assessment

Tax assessors may use cost per acre of similar properties, rather than the square footage for determining the market value of large parcels. 43,560 square feet equals the size of one acre. To calculate your lot's acreage, divide the total lot square footage by 43,560.

Waterfront Properties

Waterfront properties are assessed by the front footage of the lot. The front footage is determined by multiplying the width times the depth.

Tax Assessable

Every municipality assesses property value differently and uses different property tax rates determined by state law. Some assess by market value; others use a percentage of market value to determine the assessed value. For instance, if the market value of a property is worth $200,000 and the assessed value for tax purposes is calculated at 25% of market value, the assessed value would be $150,000. Property taxes would then be calculated by multiplying the tax percentage rate by $150,000. If the property tax rate is 2% of the assessed value, your annual property taxes would be $3,000.00. If the tax rate is 2% of the market value, your annual taxes would be $4,000.00.

References

• Demesne:Calculate Footage
• State of New York Office of Real Property Tax Services:Fair Assessments
• University of North Carolina:Dictionary Units of Measurement
• Jim Ford Property Appraiser:Tax Authorities
• Wright County Assessor

Resources

• Wright County Assessor
• Demesne:Calculate Footage