Surplus Land is land available over and above what is needed to support the improvements
|•||The surplus land makes the site larger than similar properties|
|•||The extra land is not available for separate use|
|•||The extra land is not needed for the primary improvement|
Surplus Land is appraised using the sales comparison approach or, if applicable, the income approach.
A parcel is 1 acre in a subdivision in which the typical lot is ½ acre. The extra land is in a flood plain and cannot be used to support another house. This is surplus land.
A parcel is 1 acre in a subdivision in which the typical lot is ½ acre. The house is situated in such a way that the parcel cannot be divided in and another house can be built on it. This is surplus land.
Surplus land may be appraised using the sales comparison approach to value or, if applicable, the income approach to value.
Surplus land is closely related to Excess Land with one major difference. Excess land is available for separate use.