What is the indicated $/acre value of land with Class I soil?

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. (4 Points): What is the indicated $/acre value of land with
Class I soil?
1b. (4 Points): What is the indicated $/acre value of land with
Class II soil?
1c. (4 Points): What is the indicated $/acre value of land with
Class III soil?
1d. (4 Points): What is the subject property total land value
of? Round to nearest $1,000.
1e. (4 Points): What is the total value of the subject property?
Round to nearest $10,000.


 

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