That split matters to the estate's tax bill. The principal residence exemption can shelter the house and a portion of the surrounding land, but land beyond what is reasonably required for use and enjoyment of the residence may not be covered, and farmland has its own rules entirely. This is a question for the estate's lawyer and accountant before the property is listed, not after an offer is signed.
Practically, an inherited yard site often sits vacant for months while probate runs. Out on an acreage that carries real risk: frozen and burst plumbing if the heat fails, damage from wildlife or intruders, and an insurer that may restrict or void coverage on a vacant rural property that has not been declared. Notify the insurer and arrange for the property to be checked regularly.
Value itself comes from comparable acreage sales in the same corridor, not from city data, and the range across the R.M. is wide depending on distance from Saskatoon, road access and the condition of the well and septic. Joel Dyck gives executors a documented value for the estate file and a realistic net proceeds figure once seller closing costs of 4 to 6 percent are taken off.
Get your hand-reviewed valuation from Joel Dyck.