Homeownership Center Reference Guide

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Chapter 1 Appraisal and Property Requirements Unique Properties: Excess Land, Page 1-17c

Excess land is defined as that which is larger than what is typical in the neighborhood AND capable of a separate use. Generally, the excess portion can be subdivided and marketed as an individual parcel. However, in small communities and outlying areas, appraisers must use different criteria because the market may accept a wide variance in lot sizes. If the plot contains excess land, the appraiser should describe it but not value it. In this instance, the appraisal is based upon a hypothetical condition. A legal description of the portion being appraised is required. The lender will require that the excess land be excluded from the mortgage security.

	Unique properties
	Shared lots with undivided interest
	Excess land
	Non residential use
	Move ons
	Forest and farm property tax deferral programs