One possible solution to split the lines would be to use XTools Pro (http://www.xtoolspro.com/ ), a third-party add-in for ArcGIS. They have a function called "Split Polylines" that includes the option to split lines based on a second line layer. Their is a free version of XTools so one can try it out.
Feature Conversions, Split Polylines, Split Polylines by another layer.
Once you have your roadwork split, I believe you then could then do a spatial join to add the land value to the roads.
Chris Donohue, GISP