Does corner lot homes cost more?

Question

If a property is located on a corner lot and consists of a double lot 1 and 2 at the recorder of deeds office, should this property value be more than a average 1 lot home in the middle of the block?

And if the recorder of deeds office has this property documented as sitting on a double lot, why the assessment value in the township don't reflect the value of a double lot?

Answer 1

OF COURSE

The value of a property depends on the size of the lot and the size and quality of the home on it

Many people value corner homes for the bigger lots and privacy

However you have more sidewalk to shove and are visible on two sides not just one

Answer 2

It can be worth more, but a corner location can detract from the value if the house is next to a busy street.

There’s a house in my neighborhood that has been on the market nearly a year and won’t sell because the owners won’t reduce the price enough to compensate for the fact that their home faces one of the main entrances to our subdivision, the side of the house is next to a busy street, and just on the other side of that is an interstate highway.

Tax assessments are never an accurate assessment of a property’s market value. A real estate agent can help you find recent comparable sales to help gauge the true value or you can hire a professional appraiser.

Also consider that a larger yard may not always garner a premium value & can even detract from a home. If you’re talking about a starter home, likely to be purchased by a busy working person & young family, they may not want the hassle of maintaining a larger yard.

Answer 3

First, a corner lot on one parcel is worth at least 5-10K more than your neighbors.

The fact that this is two parcels AND a corner lot means it's probably worth about 20K more (average- some areas more, some less).  Some lenders will make you jump through hoops if you have two parcels since you could possibly split them and sell the other lot.

The assessors assess the land value and the home value.  They probably have the home assessed on one parcel, and the other is assessed as land only (but that's just my guess... you could call and ask them how the calculate the taxes for you).