Some questions re HCAD’s land value (market/appraised) calculation.
I understand that land value is set for an area, and not subject to appeal.
1. Anyone familiar with the algorithm used to calculate land value/sq ft?
2. What is the area over which the algorithm is applied? (neighborhood code, neighborhood group, market area, key map).
3. Is it usual that the same land value/sq ft is applied within a close geographic area, irrespective of the property location/amenities/best use? For example, land value per sq ft set the same for: a business center/gas station at the intersection of 2 major roads; unimproved vacant land on a small side street; land with and without: city sewer, natural gas access, road access – all within a few blocks of each other.
Thanks in advance for any insights.