Comment Re:First ask the question... (Score 1) 78
So what's the other 40% of house prices where you live?
My annual real estate tax assessment shows about 50% of the assessment in land price, and the rest is the house. Depending on tear-down costs, replacing the structure (say, in case of a fire) would likely cost significantly more than the assessed value. I haven't looked closely at land prices, but that part of my assessment is probably fairly close to market value.