In my town, a middle class bedroom community in the area west of Boston around Framingham, I notice that in some of the poorer parts of town are various vacant lots of 5000-10000 square feet with no power or utilities that generally have an assessed value of between $5000 and $10,000 dollars. Often the lot is owned by the owner of the adjoining property. I would expect in many cases these would not be buildable lots.
Is this kind of assessed value a reasonable valuation of what the lot could be bought for, or is the assessed value on something like this well below what a sale value would be?
The problem here is that I cannot gauge it because sale of such lots is not typically listed on normal real estate transaction listings, so I have no idea what such vacant lots typically go for, so I have no way of knowing the accuracy of the assessment. Zillow is useless in this case, because it only shows homes, not vacant lots.