ONE-THIRD, TWO-THIRD RULE
Understanding the One-Third, Two-Third Rule in Real Estate Appraisal
In the realm of real estate appraisal, the valuation of land holds significant importance, especially in cases involving eminent domain where the fair assessment of property is crucial. One widely recognized rule of thumb that comes into play in such situations is the 'One-Third, Two-Third Rule.' This rule stipulates that in a standard lot, the first one-third of the land closest to the street holds half of the total value, while the rear two-thirds of the lot accounts for the remaining half of the value. While this rule is not an absolute determinant of value, it serves as a practical guideline that can aid appraisers in evaluating land for various purposes, particularly in eminent domain cases.
Now, let's delve further into the significance and implications of the one-third, two-third rule in real estate appraisal.
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