What method is used to determine land value separate from improvements?

The allocation method is used to determine land value separate from improvements by estimating the land value as a percentage of the total property value. This method is particularly effective in markets where sales data for similar unimproved land is either scarce or difficult to analyze. By taking a percentage of the total property value, appraisers can derive a more accurate estimate of the land's intrinsic value, independent of any structures or improvements on the property. This technique allows for a clearer understanding of how much value the land contributes relative to the overall value of the property.

In contrast, methods like the cost approach, which considers the cost of land and improvements together, do not isolate land value. Similarly, the comparative analysis method, while useful for understanding market value through comparisons of multiple properties, does not specifically focus on the value of land apart from improvements. Thus, the allocation method stands out for its unique ability to separately assess land value in a straightforward manner.