Depreciation Exp
Hi- I just started looking at properties 3-4 fam rentals in Jersey city. pls correct me if I'm wrong but from what I've read, I can depreciate the purchase price minus the land over 27.5 years. How do I find the value of the land, also, is their a rule of thumb for quick estimates. (ie: % of purchase price) thanks in advance, this is a great website , I've learned alot.
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In California the tax bill gives you two assessed numbers - one for land other for improvements.
Simple rule of thumb in most markets is 80% improvements, 20% land.
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