Appraisal Journal articles from January 2004

Appraisal Journal archives from January 2004

Gary P. Taylor, MAI, SRA 2004 president, Appraisal Institute.(Society of Real Estate Appraisers)(Brief Article)
January 1, 2004... Gary P. Taylor, MAI, SRA, is the 2004 president of the Appraisal Institute. He has served in a variety of education- and publication-related positions for the Appraisal Institute, including current membership on the Curriculum Committee and the...

From the Editor-in-Chief--greetings and goals for the New Year.
January 1, 2004... The Appraisal Journal continues to meet its goal of being "the leading periodical for thoughtful appraisers in the free world." (Editor-in-Chief John P. Dolman, January 1976) I have been privileged to be associated with the Journal for many...

Unit rule violated when timber value added to land value.(cases in brief)
January 1, 2004... Compensation in a condemnation action cannot be determined by adding the value of timber to the value of land, according to the Court of Appeals of South Carolina. The court ruled that such a calculation would violate the unit rule, which...

Township rezoning ordinance does not constitute spot rezoning.(cases in brief)(Brief Article)
January 1, 2004... The Commonwealth Court of Pennsylvania ruled that a township ordinance to rezone a property from a special use district, which permitted shopping centers, to a business park, which did not permit shopping centers, did not constitute invalid...

Opinion of value must be based on facts and data generally relied on by real estate experts.(cases in brief)(Brief Article)
January 1, 2004... The Missouri Court of Appeals ruled that to be admissible in evidence, an expert's opinion must be founded on facts and data generally relied on by experts in the field, and there must be a rational basis for the opinion. The Archbishop of...

Neighborhood desirability rating challenged.(cases in brief)(Brief Article)
January 1, 2004... The Court of Appeals of Indiana ruled that substantial evidence failed to support a neighborhood desirability rating of a taxpayer's property as "excellent." In 1995, the State Board of Tax Commissioners (Board) applied a neighborhood...

Tax credits are intangible property and not included in the value of property.(cases in brief; Cottonwood Affordable Housing Ltd. Partnership )(Brief Article)
January 1, 2004... Low-income housing tax credits (LIHTCs) are intangible personal property and thus cannot be considered in making a real estate assessment of a taxpayer's property, according to the Tax Court of Arizona. Cottonwood Affordable Housing Ltd....

Bridge closing ruled an exercise of police power, not an inverse condemnation.(cases in brief; appraisal)(Brief Article)
January 1, 2004... When a city closed a hazardous bridge, it was not an eminent domain taking of private property for public use, but rather a legitimate exercise of police power, according to the Court of Appeals of Oregon. The Robertsons owned 20 acres in...

Wooded area does not constitute "necessary support land" for tax assessment purposes.(cases in brief)(Brief Article)
January 1, 2004... Wooded areas between apartment buildings do not constitute "necessary support land" for property tax assessment purposes, according to the Tax Court of Indiana. Elkhart Maple Lane Associates L.P. (Maple Lane) owns a 77-building apartment...

Effect of environmental contamination, but not clean-up costs, considered in determining market value.(cases in brief)
January 1, 2004... The Supreme Court of Michigan ruled that environmental contamination is a factor to be considered when a court determines fair market value to establish just compensation in a condemnation action. Extrusions Division, Inc., (Extrusions)...

Real estate and the economy: the train has left the station.(financial views)
January 1, 2004... Commentary Going into the 2003 fourth quarter, the economy provided generally positive signals, suggesting that it might be emerging from the doldrums of the past several years. However, there had been enough false starts and carry-over...

Mark-to-market in the United Kingdom.(international appraising)
January 1, 2004... The movement toward mark-to-market (market value) financial reportage in the United States (U.S.) and elsewhere has been the source of much conjecture by direct and indirect participants in both the accounting and valuation communities. The...

Market value for financial reporting: the premise.
January 1, 2004... Valuation for financial reporting (VFR) is a central focus for the Appraisal Institute and the valuation profession. It is of immense importance to the public, domestic and international investors, regulators, and reporting entities. VFR...

A survey approach for demonstrating stigma effects in property value litigation.
January 1, 2004... abstract There are many reasons why similar properties command different prices. The determination that property value differences exist among comparable properties is a primary task for appraisers. Once a price difference has been...

A higher and better definition.(real estate appraisal)
January 1, 2004... abstract The current definition of highest and best use is redundant and ambiguous. Its vagueness lends itself to different interpretations and often causes otherwise similar appraisals to end in irreconcilable value conclusions. This...

Conditions of sale adjustment: the influence of buyer and seller motivations on sale price.(valuation)
January 1, 2004... abstract To render a reliable estimate of value, the sales comparison approach must accurately account for numerous differences between comparable sales and the subject property. Although substantial research has been conducted on the...

How green is your building? An appraiser's guide to sustainable design.
January 1, 2004... abstract It is well known that radon, asbestos, and toxic waste may have a negative effect on property value. In an age of sick buildings, multiple-chemical sensitivity disorder, and indoor air pollution, appraisers should recognize that...

Market segmentation: an important facet of market analysis for mineral appraisals.
January 1, 2004... abstract Classical, mining industry textbooks disparage comparative market data analysis, arguing that each mineral deposit is unique. Although many appraisers may not be comfortable using comparative market data to form conclusions, or...

Advanced research techniques of the Lum Library (1).(notes and issues)
January 1, 2004... The Lum Library is an essential resource for appraisers. Appraisers rely on the library to provide accurate, in-depth information when researching a topic. The Lum Library's database includes almost 30 years of The Appraisal Journal, 22 years...

The Lexus and the Olive Tree.(Book Review)
January 1, 2004... by Thomas Friedman Published by Anchor Books, New York, 2000 updated edition, 475 pages $15.00, softcover The Lexus and the Olive Tree is a very interesting book about the ongoing tension between globalization of international financial...

Investing in Real Estate (Fourth Edition).(Book Review)
January 1, 2004... by Andrew McLean and Gary W. Eldred, PhD Published by John Wiley & Sons, Inc., Hoboken, New Jersey, 2003, 320 pages $19.95, softcover Andrew McLean is cited as having "broad real estate experience" and has written prolifically on the...

Analysis and Valuation of Golf Courses and Country Clubs.(publications of the appraisal institute)(Brief Article)(Book Review)
January 1, 2004... by Arthur E. Gimmy, MAI and Buddie A. Johnson, Analysis and Valuation of Golf Courses and Country Clubs is an entirely new valuation manual that replaces the classic text Golf Courses and Country Clubs: A Guide to Appraisal, Market...

Market Analysis and Valuation of Self-Storage Facilities.(publications of the appraisal institute)(Brief Article)(Book Review)
January 1, 2004... by Richard R. Correll Self-storage properties are found in rural, urban, and suburban areas throughout the United States, but many real estate professionals and market participants simply do not understand the dynamics of the self-storage...