Answers · Land Value & Appraisal
Can I use my county tax assessment or my own appraisal instead of the lender's?
No — county assessments are not market value, and lenders order their own appraisals. Assessed values on farmland are usually based on productivity formulas or capped by statute, often running 30–70% below market. And an appraisal you commissioned was not prepared for the lender, so it cannot carry their credit decision.
Farmland assessments in most states are deliberately not market value. Many states assess ag land on a use-value or productivity basis to keep farm taxes tolerable, and assessment cycles lag the market by years. An assessment is evidence of acreage and classification, not of what the land would sell for — treat the gap as normal, not as hidden equity or a lowball.
Lender-ordered appraisals exist for independence. When the borrower hires the appraiser, the incentive problem is obvious, which is why lending standards require the lender to engage the appraiser directly with no borrower involvement in selection. Your own appraisal is still useful — bring it as data, including its comps — but expect a fresh report addressed to the lender.
The practical upside: because the lender orders and reviews the appraisal, you get an independent second opinion on your purchase price before you are fully committed. More than one buyer has been saved from a bad deal by a lender's appraisal.
The Turnrow angle
Turnrow orders an independent ag appraisal on every loan and shares the value conclusion with you. If you already hold a recent appraisal, send it — it helps our appraiser and can speed the file even though it cannot replace ours.
Where the appraisal fits in Turnrow's timeline →
Related questions
Five minutes, zero documents, and a written term sheet in 24–48 hours answers most questions faster than reading.
Get a term sheet