Property value

I am thinking of trying to buy the neighboring property for the hunting opportunities, and possibly building my retirement home on someday. I want to offer a solid offer, but I have no idea what something like this is worth. As you can see it is 37 acres, but probably 20 of it is under water of “unnamed DNR” lake that has no access. I haven’t done much exploring on this water body. Buddy and I cut a hole to put a minnow trap in last winter. That’s it. I’m assuming it’s pretty shallow. It had a hard bottom where we cut a hole in the ice. Appears to be abound with waterfowl. I deer hunt on the property line and do well. Taxable value is 93K. Is that roughly where you start? I think that’s a little high considering most of it is under water. Lady who owns it is nearing retirement age. Doesn’t live on the property. It is bare land.

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In general, taxable values lag behind actual market values. The problem can often be that the taxable value becomes an anchor in the mind of the seller because that’s what the government is telling them it’s worth.

I guess I’d be interested to know the status of that property. Do you really “own” (and therefore have to pay taxes) 37 acres if 20 of it is lake bottom? It’s not like you could drain that lake and make usable land out of it.

Are you sure it’s buildable? No setback requirements, etc in force that would prevent you from building on your chosen site?

Grouse

Like Grouse said, I’d look into the county policies for buildings and make sure the parcel even has a building eligibility. And are there any areas that are considered wetland where you would build. Wetland credits aren’t cheap.