The bottom half of page 1 of the appraisal report form breaks down your property into its two counterparts and describes the characteristics of each in more detail. The first counterpart is the site. The site is the parcel of land on which your home is built.
According to the Uniform Standards of Professional Appraisal Practice (USPAP), 2014-2015, when developing a market value opinion, the appraiser must analyze how the use of the property and the value of the property are effected by land use regulations such as zoning and give an opinion of the highest and best use of the property. The appraiser must also identify the properties physical characteristics.
The appraiser will use the characteristics of the site identified in this section to find comparable land sales. Comparable land sales are used to determine the value of your land when completing the “Cost Approach.”