Unimproved Value

What is unimproved value?

Unimproved value, also known as land value, is the assessed worth of a piece of land without considering any structures or improvements on it, like buildings or landscaping. It's essentially the value of the land in its natural state, without any human-made enhancements. 

How is unimproved value different from market value? 

While unimproved value refers to the assessed worth of land without any buildings or improvements, market value considers more factors. 

Market value simply refers to the price people are willing to pay by typically considering many things such as the land and any structures or improvements on it. 

How is unimproved value determined? 

Because the unimproved value does not factor in any structures or enhancements made to a property, valuers will typically look at: Land size Location Shape of the land Zoning of the land Comparable sales of similar unimproved real estate in the area