Waterfront Property Value:
The value of a waterfront property is determined by many factors including location, size, amenities, and condition. A waterfront property is generally considered to have higher value than land without water access.
Factors that affect the value of waterfront property include the following:
Location – A waterfront property that is located near the ocean or lake is more valuable than a property that is not close to water.
Size – A larger property is worth more money than a smaller property.
Amenities – If the property includes a dock, boat ramp, swimming pool, tennis court, etc., then the property’s value increases.
Condition – A property that requires extensive repairs prior to the sale may decrease its value.
Land Value:
Land value is defined as the market value of real estate based upon the amount of acreage, number of structures, and any improvements that exist on the property.
Tax Value:
Tax value is the assessed value of a property for tax purposes. In some states, the tax value is equal to the market value of the property. However, in other states, the tax value of a property may be less than the market value of the same property.