Appraisal Journal articles from July 2002

Appraisal Journal archives from July 2002

Landowner cannot repurchase condemned land. (Cases in Brief).(Burt Hilliard, Department of Transportation)(Brief Article)
July 1, 2002... Does a landowner whose property was condemned 18 years earlier but was never developed by the Department of Transportation (DOT) have the right to repurchase the property? The Court of Appeals of Georgia ruled that he did not. Hilliard...

Tax exemption for nonprofit Day Care Center denied. (Cases in Brief).(Chapel Hill Day Care Center, Property Tax Commission)(Brief Article)
July 1, 2002... The Court of Appeals of North Carolina sustained a decision of the Property Tax Commission denying a nonprofit day care center a real estate tax exemption. The Chapel Hill Day Care Center (Center), which was formed in 1967 as a joint...

Landowner not qualified to testify on highest and best use. (Cases in Brief).(Gherri Cooke, Barbara Hall, City of Hildale, Utah, land condemnation)(Brief Article)
July 1, 2002... The Supreme Court of Utah ruled that landowners must be qualified as experts in the practice of appraisal to testify on the highest and best use of their land. The City of Hildale, Utah, instituted a condemnation proceeding in 1995 to gain...

Property leased for profit to government agency appropriately classified commercial for tax purposes. (Cases in Brief).(KGC Trust I , Arizona Department of Environmental Quality)(Brief Article)
July 1, 2002... Real property leased for profit to a government agency was properly classified as commercial for property tax purposes, according to the Court of Appeals of Arizona. The KGC Trust I (Trust) owns an eight-story office building in Maricopa...

Leased property not exempt from taxation. (Cases in Brief).(Southeastern Pennsylvania Transportation Authority, Board of Revision of Taxes)(Brief Article)
July 1, 2002... The Commonwealth Court of Pennsylvania ruled that real estate owned by the Southeastern Pennsylvania Transportation Authority (Authority) but leased to commercial tenants was neither immune nor exempt from real estate taxation. The...

Property's use and classification may be considered in property valuation. (Cases in Brief).(Michael Weed, County of Filmore)(Brief Article)
July 1, 2002... A property's use and classification may be considered in its valuation, according to a decision of the Supreme Court of Minnesota. In 1975, Michael Weed purchased an old house on three acres of land along a branch of a river for $1,000. The...

Expert's written appraisal report ruled hearsay. (Cases in Brief).(Nebraska Department of Roads, Whitlock)(Brief Article)
July 1, 2002... The Supreme Court of Nebraska ruled that an expert's written appraisal report is hearsay and is not admissible in evidence unless it falls within a recognized exception. The State of Nebraska condemned 21.75 acres of the Whitlocks'...

Town's right to tax Seminary property upheld. (Cases in Brief).(Burr and Burton Seminary, Manchester, Vermont)(Brief Article)
July 1, 2002... A taxpayer operating a private high school could not claim exemption from real estate taxes on a building it owned and rented to paying tenants to derive cash flow, according to the Supreme Court of Vermont. Burr and Burton Seminary; a...

New developments in regulatory takings: the Supreme Court takes an interest in the fee simple estate. (Law and the Appraiser).(Tahoe-Sierra Preservation Council, Inc. v. Tahoe Regional Planning Agency)
July 1, 2002... Appraisers are asked to serve as consultants or expert witnesses in litigation involving alleged regulatory takings of private property. However, their involvement is usually limited to providing valuation opinions related to the economic...

The state of valuation in Thailand. (International Appraising).(Statistical Data Included)
July 1, 2002... Economic Background In the mid-1980s, Thailand's economy began to grow rapidly and the country experienced a real gross domestic product growth of more than 8% annually. As a result of this growth, Thailand began to liberalize its...

Surface interpolation of apartment rental data: can surfaces replace neighborhood mapping? (Features).(geographical information systems)(Statistical Data Included)
July 1, 2002... Abstract This paper examines the utility and profitability of interpolated surface modeling of commercial real estate market data through use of standard geographic information systems (GIS) applications. Traditionally, choropleth mapping,...

A primer on comparable sale confirmation. (Features).(real estate appraisal)(Statistical Data Included)
July 1, 2002... Abstract This article presents an introductory-level discussion of the practical mechanics of analyzing comparable sales data. A more detailed presentation of the application of some of the specific technical elements of the sales...

Partitioning real property. (Features).(estate appraisers)(Statistical Data Included)
July 1, 2002... Abstract The valuation of partial interests in real estate owned by tenants in common often prompts an appraiser to consider issues concerning partitioning costs. This article reviews legal procedures for partitioning and examines...

Comprehensive master plans and their use in the appraisal process. (Features).(real estate)(Statistical Data Included)
July 1, 2002... Abstract The use of a comprehensive master plan (CMP) in the appraisal of real estate can be helpful. Most appraisal assignments rely upon physical and demographic information regarding the past, present, and future trends of a community....

Second-generation industrial buildings: value determinants. (Features).(real estate valuation)(Statistical Data Included)
July 1, 2002... Abstract This article discusses the factors considered by the market for industrial plants that have a highest and best use for modification to an alternative use. Though this analysis deals principally with industrial properties that...

Quantifying the influence of desert riparian areas on residential property values. (Features).(real estate valuation)(Statistical Data Included)
July 1, 2002... Abstract The appraisal profession has long recognized the positive influence on residential property values of proximity to attractive amenities. Statistical analysis has documented this effect for proximity to beaches, lakes, riverfront,...

Watersbend: appraising a brownfield redevelopment project. (Features).(real estate)(Statistical Data Included)
July 1, 2002... Abstract This paper examines issues affecting the appraisal of a brownfield apartment property in Austin, Texas. These issues include the contamination that forced the property's evacuation, its eventual remediation, the creation of the...

The appraisal of occupied cooperative apartments in New York City. (Features).(real estate)(Statistical Data Included)
July 1, 2002... Abstract Of the 320,000 rental apartments converted to cooperative ownership over the past 20 years, approximately 77% were under a non-eviction plan. Under such a plan, tenants who were protected by the highly restrictive rent...

Data analysis technology and appraisal fraud. (Features).(real estate industry)(Statistical Data Included)
July 1, 2002... Abstract Real estate fraud normally relies on a misleading appraisal, whether by intent or incompetence. An appraisal fraud requires an initiator, a compliant appraiser, and an appraisal report. Most current fraud cases involve 2-4 unit...

Ethics and professional conduct. (Features).(American Institute of Real Estate Appraisers)
July 1, 2002... Abstract One of the several distinctions that characterize Members of the American Institute of Real Estate Appraisers is the fact that they are pledged to abide by its rules of professional conduct. This does not assume that only MAIs are...

Ethics: a matter of trust. (Features).(American Institute of Real Estate Appraisers of the National Association of Realtors)
July 1, 2002... Abstract The drafting of a code of ethics was the first significant accomplishment of the American Institute of Real Estate Appraisers, following its birth in 1932. Due to the changing needs of society, broadening of the activities of the...

The risk manager of the future: scientist or poet? (Notes and Issues).
July 1, 2002... Quants alone do not represent the future. There is no single deep field of knowledge that is sufficient for competence in the real-world field of risk management. The successful risk managers of today and tomorrow are synthethizers and applied...

Property Rights: Understanding Government Takings and Environment Regulation.
July 1, 2002... by Nancie G. Marzulla and Roger J. Murzulla Published by Governmental Institutes, Inc., Rockville, Maryland, 1997, 325 Pages. $95.00, softbound A great deal has been written on the various issues surrounding environmental...

Basic Economics: A Citizen's Guide to the Economy.
July 1, 2002... by Thomas Sowell Published by Basic Books, A Member of the Perseus Books Group, New York, 2000, 432 pages. $21.00, hardbound Economics is what real estate appraisers and analysts do in their professional analyses on a regular...

Comments on "The Analysis of Environmental Case Studies".(Letter to the Editor)
July 1, 2002... The article "The Analysis of Environmental Case Studies" by Thomas Jackson, MAI, and Randall Bell, MAI (January 2002), is a valuable addition to the body of literature concerning contaminated properties; nonetheless, we believe several points...

Response--comments on "The Analysis of Environmental Case Studies.(Letter to the Editor)
July 1, 2002... We certainly appreciate the interest generated from our article and research. Messrs. Robinson, III, and Hunsperger offer many thoughtful points. Case studies are useful and appropriate for analyzing the effect of contamination on property...