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So is market value accounted for in structure value or just land? To me increases in structure value should be related to renovations/improvements to the house. It seems like value increases due to desirability of the neighborhood should be baked into the land value. Asking bc we have made zero improvements to our house yet the structure value on our appraisal went up ~$10k
The Plano housing market is hot due to the large companies moving into the area. My structure value increased only $3K ($282K --> $285K) while my land value went up $20K ($85K -->$105).
Therefore, I think it's safe to say your "desirability of the neighborhood should be baked into the land value" is correct. I've made no major home renovations/improvements to the house.