LAND VALUE

The overall value of a parcel of property, which includes the value of the land itself and the cost of improvements done to it. Land values are estimated on the following factors: location, government regulations, socioeconomics, vicinity to schools, parks and recreational facilities, desirability for a place to live, accessibility to main roads, and distance to retail establishments. Its value increases when the demand for it is higher than the available lands; or if it has an intrinsic value that is greater than other areas.