·       Location of real property

o      Of all the characteristics of land, location has the greatest effect on property value. Land's immobility, a basic physical characteristic, or location of a parcel of land, is both unique and permanent.

o      Therefore, if the land is located in an area where available land has a high demand, the land has a substantially higher value. The loss of value can also be a result of location when a negative influence occurs outside the property

·       Economic Factors that affect land use / value

o      A few examples

§       Local property tax assessments;

§       Tax rates;

§       Wage and employment levels;

§       Interest rates;

§       Availability of financing;

§       Zoning;

§       Growth in the community;

§       Building codes;

§       Fire regulations; and

§       Local and regional land use planning