Values of land in Alabama may vary substantially per acre depending on the location of the property and demand in the area. A parcel of land in rural Alabama would generally be cheaper per acre than a parcel in a resort area along the coast or near a large metropolitan area.
Things You'll Need
- Internet Access
Hire a licensed appraiser. The final say as to land value, either for mortgage purposes or for a prospective buyer, comes from this source. Most lending institutions will require a current qualified appraisal in order to determine the amount to lend the customer based on institution guidelines. For instance, a lending institution may only be willing to lend 80% of the property’s value with an appraisal being used to determine this value.
Check the appraised value in the property tax records. The county tax assessor or revenue commissioner for the county where the property is located establishes property values for taxation purposes based on county appraiser determinations. The tax appraised value is based on the market value of the property at the time of the appraisal. Several counties in the state have online tax records that display the county appraised values based on a parcel or owner name search. Find a county’s online tax site using your search engine and typing the name of the county followed by the words “tax assessor” or “revenue commissioner” or by visiting deltacomputersystems.com, which hosts links to various county sites. If there is no online site for your county of interest or if you are unable to access it, call or visit the revenue commissioner’s office at the county courthouse and ask for assistance.
Search real estate sites online to determine the asking price for property being sold in your area of concern in the state. It will be important to compare features of any property being sold with any particular parcel in which you might be interested. Such features as public road access as well as proximity to schools and metropolitan areas all affect the value of land. Speak directly with a real estate agent or broker in the county to determine the value of parcels they or other realtors may have sold. Searching realtor sites as well as speaking with a realtor should assist in determining whether property is selling below advertised value.