Appraisal Journal articles from January 2003

Appraisal Journal archives from January 2003

Proximity damages due to state's condemnation of land determined compensable. (Cases in Brief).(Interstate Northborough v. State)(Brief Article)
January 1, 2003... In a case of first impression in the state, the Supreme Court of Texas ruled that increased proximity damages attributable to a state's condemnation of a partial strip of land were compensable as "special damages." In 1991, the State of...

Spot assessment violates equal protection clause. (Cases in Brief).(Centorino v. Tewksbury TP)(Brief Article)
January 1, 2003... The reassessment of a residence as a class 20 residence (single-family residence--mansion quality) was a spot assessment in violation of the equal protection clause and the uniformity provision of the state constitution, according to a New...

Property classification providing buffer zone for residential areas ruled a valid public interest. (Cases in Brief).(Jervey v. City of Marietta)(Brief Article)
January 1, 2003... Maintaining the integrity of existing residential neighborhoods is a valid public interest, according to the Supreme Court of Georgia. Thus, the court upheld a city's denial of a rezoning application. Richard Jervey filed an application to...

Property leased by one benevolent organization to another qualifies for benevolent tax exemption. (Cases in Brief).(Associated Sch. Bds. v. Hughes County)(Brief Article)
January 1, 2003... A benevolent organization that leased property to another such organization was entitled to a benevolent exemption on the leased property, according to the Supreme Court of South Dakota. The Associated School Boards of South Dakota, Inc....

Tax credits relevant in determining fair market value. (Cases in Brief).(Pine Pointe Housing v. Lowndes County )(Brief Article)
January 1, 2003... Federal low-income credits received by a taxpayer were pertinent to the market value of real property, according to the Court of Appeals of Georgia. In 1996 Pine Pointe Housing, LP, completed construction of a 71-unit rental housing...

No First Amendment violation in refusal to allow religious use of residential property. (Cases in Brief).(DiLaura v. Ann Arbor Charter TP)(Brief Article)
January 1, 2003... A zoning ordinance that prohibited the use of land for other than residential purposes did not violate the First Amendment's provision on freedom of religion, according to the U.S. Court of Appeals for the Sixth Circuit. Tim and Michelle...

Volunteer-staffed home for seniors ruled eligible for charitable tax exemption. (Cases in Brief).(Grace Center Community v. Cty. Of Indiana)(Brief Article)
January 1, 2003... A community home for the elderly met the constitutional requirement to donate a "substantial portion" of its services, and thereby was qualified for a charitable tax exemption, according to the Commonwealth Court of Pennsylvania. Grace...

Speculative highest and best use testimony inadmissible to support award in eminent domain proceedings. (Cases in Brief).(Southwestern Bell Tel. v. Radler Pavilion)(Brief Article)
January 1, 2003... Expert testimony as to the development of property to its best and highest use was speculative and, thus, inadmissible to support an award in an eminent domain proceeding, according to the Court of Appeals of Texas. In 1996, Southwestern...

Probative evidence required to prove economic obsolescence in tax appeal. (Cases in Brief).(Brief Article)
January 1, 2003... The vacancy of 43% of a taxpayer's shopping center for one year prior to the tax assessment date did not in and of itself establish economic obsolescence and entitle the taxpayer to a reduction in assessment, according to the Tax Court of...

"Who put that magnetometer in the lobby?"--landlord claims for inverse condemnation based upon government-imposed security measures in multi-tenant office buildings. (Law and the Appraiser).
January 1, 2003... The events of September 11 may present appraisers with a unique valuation challenge related to buildings occupied by government agencies pursuant to a lease with a private owner. As federal, state, and local governments respond by increasing...

Reconciling the spatial market/capital market gap. (Financial Views).
January 1, 2003... Commentary Going into the fourth quarter of 2002, it was becoming increasingly clear that the transitional economy we had been looking forward to six months earlier would not emerge from the doldrums. As the quarter unfolded, the story...

The risk approach: A step-by-step plan for a clean valuation. (International Appraising).(valuation of contaminated property)
January 1, 2003... In the Netherlands no one would accept the valuation of a ruin under the premise of it being in "perfect building condition." At the same time, however, it is acceptable for property valuers to appraise contaminated business parks or industrial...

Estimating rental value for submerged land sites using a model-ratio technique. (Features).
January 1, 2003... abstract This article presents a model-ratio technique for estimating the rental value of submerged tidal land. The premise of this technique is that the ratio of the net rent of a dry land site to the net operating income (NOI) of the...

Primary and secondary data: concepts, concerns, errors, and issues. (Features).(in appraisals or real estate market analysis)
January 1, 2003... abstract Appraisals and market studies use two types of data--primary and secondary data. The appraiser or market analyst must know what they are and what affects them. All data used in appraisals and market studies should be current,...

Gross living area adjustment shortcut. (Features).(residential appraisals in rural areas and calculation of the gross living area adjustment question on the 1004 Uniform Residential Appraisal Report form)
January 1, 2003... abstract This article is intended to help small town and rural appraisers calculate the gross living area adjustment in the 1004 form. It utilizes the cost approach as a basis for the adjustment and provides a methodology that can be used...

Segmentation of golf course markets. (Features).
January 1, 2003... abstract Golf courses have many submarkets within the same geographic area. This means the market segment that a golf course can serve must be known in order to estimate value, forecast feasibility, or complete a market study for a...

Trophy property valuation: A ranch case study. (Features).(preservation and conservation property market analysis)
January 1, 2003... abstract This article deals with valuing a ranch trophy property. It is a case study that summarizes a market analysis and highest and best use analysis of several use options for a ranch. Based on a quantitative analysis, it concludes...

Expropriation and condemnation: The larger parcel. (Features).(concept of the larger parcel in appraisal theory )
January 1, 2003... abstract A non-marketable partial taking has no independent highest and best use so its value by necessity is a function of the value of the larger parcel. This research paper explores the concept of the larger parcel in its application to...

Compromising of a profession. (Notes and Issues).(lack of transparency in real estate transactions may jeopardize credibility of appraiser's work )
January 1, 2003... The current financial debacle surrounding major corporations and the accounting profession should cause real estate professionals to reflect on practices within their own profession. The integrity of the appraisal profession is being...

Billboard Appraisal: The Valuation of Off-Premise Advertising Signs. (Book Review).(Book Review)
January 1, 2003... by Paul Wright and Jeffrey Wright, ASA, CFA Published by American Society of Appraisers, Herndon, VA, 2001, 253 pages (including a 23-page glossary of industry definitions and terms) $57.95, softbound This new comprehensive text on...

Letter to the Editor.(Letter to the Editor)
January 1, 2003... Author Responds to Review of Business Geography and New Real Estate Market Analysis The belief that real estate market analysis is financial economics underlies Professor Marv Wolverton's book review (October 2002 issue) of Business...

Introducing--The Dictionary of Real Estate Appraisal, 4th Edition Book and CD-ROM. (Publications of the Appraisal Institute).
January 1, 2003... The new edition of The Dictionary of Real Estate Appraisal is now available and, for the first time ever, a fully functional CD-ROM accompanies the book. Now users can quickly search or browse through more than 5,000 dictionary entries on their...

The Appraisal of Real Estate, Spanish Edition. (Publications of the Appraisal Institute).(Book Review)
January 1, 2003... The Appraisal Institute is proud of all its publications, but it is especially pleased to announce the debut of The Appraisal of Real Estate, Spanish Edition. The Appraisal of Real Estate, now in its 12th edition, is recognized internationally...

The Valuation of Wetlands, 2d edition. (Publications of the Appraisal Institute).(Advertisement)
January 1, 2003... by David Michael Keating, MAI The Valuation of Wetlands, 2d edition, describes the five types of wetland systems, explores characteristics that define a wetland, and details the benefits wetlands bring to ecosystems. It also shows how the...

Valuing Contaminated Properties: An Appraisal Institute Anthology. (Publications of the Appraisal Institute).(Advertisement)
January 1, 2003... edited by Richard J. Roddewig, MAI, CRE Environmental pollution is a shared social concern, but it is individuals in the business community, e.g., real estate developers, investors, lenders, and appraisers, who face the specific challenge...

Strength in numbers: membership in the Appraisal Institute. (About the Appraisal Institute).(Advertisement)
January 1, 2003... As rapidly as the profession is changing, appraisers today need to prepare for the future. But it's tough to keep up on your own. With the Appraisal Institute, your membership opens the door for you to share in the collective wisdom and...