You are appraising 620 acres located near Farmville. The property has 240 acres of Class I soil and 380 acres of Class II soil. Building improvements contribute $210,000 to total property value.
Sale 1: 660 acres located near Farmville recently sold for $6,017,000. This property has 180 acres of Class I soil, 220 acres of Class II soil, and 260 acres of Class III soil. Improvements contributed $195,000 to the sale price.
Sale 2: 510 acres located near Farmville recently sold for $5,442,000. This property has 510 acres of Class I soil. Improvements contributed $240,000 to the sale price.
Sale 3: 610 acres located near Farmville recently sold for $5,476,000. This property has 220 acres of Class I soil and 390 acres of Class III soil. Improvements contributed $190,000 to the sale price.
Show your work for problems 1a through 1e.
1a. What is the indicated $/acre value of land with Class I soil?
1b. What is the indicated $/acre value of land with Class II soil?
1c. What is the indicated $/acre value of land with Class III soil?
1d. What is the subject property total land value of? Round to nearest $1,000.
1e. What is the total value of the subject property? Round to nearest $10,000.