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Count only the useable portion I believe
Anne Lok It would depend how large the lot is and where the ravine is located. I sold a parcel that has a storm water management system on it with a dry pond taking up the whole property. The buyer found a way to build over the pond.
In your case the value would depend on the useable portion of the lot.
I think of it the same as flood zone on smaller properties. Unusable.
You should comapre with similar properties.
Quite literally as a 'falling asset.'
On a 70 acre property, the issue is not as critical, however on a 1/4 lot, the outcome can be catastrophic.
To establish a point of argument, refer to the land unit value from your property appraisers website for several ravine properties and of the properties across the street. That ratio, conditioned by your knowledge of the local market and existing data and trends should allow you to present a defensible lowest value. Of course that is not the value for which that real estate will sell. Be smart about setting expectations.
Anne, you have to find similar properties. Compare apples to apples.
I wouldnt know.
Hope you found a good answer for this one.