Thanks for reaching out in the Community for help.
This is a question best posed to your accountant.
According to this article on Understanding Asset Valuation, "[a]ny land your business owns is recorded at historical cost. Because land usually has an unlimited useful life, generally accepted accounting standards mandate that land is never depreciated. It’s also never written up, even if its fair market value increases."
The best course of action for you will be to consult your accountant for the best way to reflect a write-up for your land asset, if this is what's recommended. If you're not already connected to an accountant, you can find one in your area here: Find a ProAdvisor. ProAdvisors are certified accountants who are also trained in QuickBooks Online, so consulting one will help you with this question.
Let me know if you have any other questions.
Have a great day.
You would realize any gain or loss on the property asset upon disposition of the property. The gain (as the property has gone up in value during the period of time between when it was acquired and when it was disposed of) will be recorded at that time into an Other Income account, appropriately called something like Gain on Sale of Fixed Assets. As @AddieC posted, appreciation on assets is not recorded on an ongoing basis in the same way that depreciation is recorded; increases in market value are disregarded on the balance sheet.