Appraisal Journal articles from January 2008

Appraisal Journal archives from January 2008

R. Wayne Pugh, MAI: 2008 president, Appraisal Institute.(Brief article)
January 1, 2008... [ILLUSTRATION OMITTED] R. Wayne Pugh, MAI, is the 2008 president of the Appraisal Institute. As an officer of the Appraisal Institute, he is Chair of the organization's Executive Committee and Board of Trustees. Mr. Pugh has been...

A message from the editor-in-chief.(Editorial)
January 1, 2008... In our first issue of 2008, it is appropriate to review the recent past of The Appraisal Journal and to consider paths to future improvements. Based upon readership commentary, the articles in the past year commemorating the publication's...

Subsurface limestone subject to real estate taxation.(Recent Court Decisions)
January 1, 2008... The Supreme Court of Pennsylvania ruled that subsurface limestone was included in the meaning of land under the tax code and therefore subject to property taxation. Coolspring Stone Supply, Inc. (Coolspring) operates a limestone quarry on...

Income approach preferable to cost approach in appraising subsidized housing.(Recent Court Decisions)
January 1, 2008... The Supreme Court of Ohio ruled that a valuation based on income rather than cost is the proper means of appraising the tax value of subsidized housing. Colonial Village Ltd. (Colonial) owns and operates a Section 8 subsidized apartment...

Zoning commission cannot consider off-site traffic congestion in evaluating development proposals.(Recent Court Decisions)
January 1, 2008... When reviewing development applications, a zoning commission can consider only whether the proposed property use is consistent with applicable zoning regulations and cannot deny an application because of off-site traffic concerns, according to...

Municipal tax exemption depends upon status of beneficial owner, not holder of legal title.(Recent Court Decisions)
January 1, 2008... When a county leased its property pursuant to a long-term lease and retained neither the financial benefit nor primary control of the property, the county was not the true, beneficial owner and the property did not qualify for a municipal tax...

Setbacks not included in calculations of minimum building site area.(Recent Court Decisions)
January 1, 2008... The Supreme Court of New Hampshire ruled that setback areas cannot be included when calculating lot area for building sites and that requiring a minimum of 30,000 contiguous square feet for building lots serves a valid land use purpose. ...

Landowner must pay more than proportional share of property taxes to be entitled to tax abatement.(Recent Court Decisions)
January 1, 2008... Property owners must demonstrate that their property was assessed at a higher rate than other properties in the state to be entitled to an abatement for disproportionate taxes, according to the Supreme Court of New Hampshire. The Gail C....

Penalty for breaching land use covenant qualifies as a property tax assessment.(Recent Court Decisions)
January 1, 2008... A penalty charged against a landowner for breaching a conservation use covenant was a property assessment under the tax code, and the landowner could challenge the penalty as if it were a property valuation, according to the Supreme Court of...

Property taxes may be based on existing assessment when taxpayer fails to state property's fair market value.(Recent Court Decisions)
January 1, 2008... When a tax return is silent as to property's fair market value, a county may assess taxes based on existing assessments and is not required to value the property at zero or reassess the property, according to the Court of Appeals of Georgia....

The R factor: remarkable resilience or recession?(FINANCIAL VIEWS)
January 1, 2008... Commentary As 2007 came to an end, the prospects of a recession had increased to the point that such an outcome appeared plausible. Whether the economy actually tilts into a recession depends on a number of factors, ranging from continued...

Surveying sustainability: a short guide for the property professional.(INTERNATIONAL APPRAISING)(Surveying Sustainability: A Short Guide for the Property)(Excerpt)(Reprint)
January 1, 2008... Abstract In 2005, the Royal Institution of Chartered Surveyors (RICS) adopted a sustainability policy stating the responsibilities of RICS and its members towards sustainability in their conduct. Recently, RICS, in conjunction with Gleeds...

Highest and best use problems in market value appraisals.(RESIDENTIAL APPRAISING)
January 1, 2008... There are many highest and best use problems associated with residential appraisals today. This edition of "Residential Appraising" discusses three significant problems related to highest and best use that residential appraisers may encounter...

An introduction to the valuation of aircraft hangars.
January 1, 2008... ABSTRACT This article is part one of a two-part article on aircraft hangars. Hangars are a special-use type of property with specific and unique considerations. This article provides an overview of the general considerations for the...

The appraisal of water rights: their nature and transferability.
January 1, 2008... ABSTRACT This article is part one of a two-part article on the appraisal of water rights. This article identifies various aspects of the water fights that may be the subject of an appraisal: part two, which will appear in the Spring 2008...

Valuing limited-service hotels: a pragmatic framework from a broker's perspective.
January 1, 2008... ABSTRACT This article presents a hotel broker's perspective of the limited-service hotel market. The discussion attempts to bridge the gap between the theoretical framework by which an appraiser typically approaches an appraisal assignment...

Industrial incubators: key characteristics that impact value.
January 1, 2008... ABSTRACT This article is intended to assist the appraiser that does not have in-depth experience with the industrial incubator category of industrial warehouse property. What drives value and design parameters for multi-tenant industrial...

Apartment market analysis.(Reprint)
January 1, 2008... ABSTRACT The purpose of market analysis is the collection and study of market data required to conclude highest and best use and to apply the approaches to value. Ultimately, market analysis is concerned with determining whether marginal...

Trend report 2007.(NOTES AND ISSUES)
January 1, 2008... Each quarter, the Appraisal Institute's Lum Library issues its Trend Report for appraisal literature. (1) The Trend Report presents a quantitative and qualitative look at trends affecting the real estate appraisal industry by examining the...

Comments on "Property Lines and Property Values Revisited".(Letter to the editor)
January 1, 2008... The authors of the "Environment and the Appraiser" column (Fall 2007) promise in the first paragraph to summarize "in some situations" the "perceptions of health risks that can influence residential property values" After that statement there...

Comments on "A Time for Bold Thinking on Housing," New York Times, November 25, 2007.(Letter to the editor)
January 1, 2008... On November 25, 2007, an article appeared in the New York Times commenting on the appraisal profession. Robert J. Shiller stated, The real estate appraisal industry needs to rethink its methods. How did it happen that appraisers...