Appraisal Journal articles from July 2003

Appraisal Journal archives from July 2003

Court vacates taking order for public access to beach.(cases in brief)(Brief Article)
July 1, 2003... A statute authorizing county commissioners to take land "necessary, for the purpose of laying out, altering or relocating a highway" did not authorize a taking of property to preserve public access to a beach according to the Supreme Judicial...

Court denies damages for proximity to runway.(cases in brief)(Brief Article)
July 1, 2003... In a case of first impression in that state, the Supreme Court of New Hampshire ruled that unless there is a taking of property, the government is not required to compensate landowners even though its actions affect the value of their land. ...

Court rules proximity to sports center not an inverse taking.(cases in brief)(Brief Article)
July 1, 2003... Construction of a convention center near a property owner's residential property and construction of a boulevard on land adjacent to the owner's property did not constitute a de facto or actual taking of the owner's property according to the...

Exclusion of fees in compensation affirmed by court.(cases in brief)(Brief Article)
July 1, 2003... The term just compensation for land taken by eminent domain includes neither attorney fees nor expert witness fees according to the Supreme Court of Iowa. The Iowa Department of Transportation (Department) condemned property owned by John...

Court denies board reassessment of property for interior renovations.(cases in brief)(Brief Article)
July 1, 2003... Renovations to a commercial premises that merely converted it from a women's apparel shop to a brokerage office did not constitute an improvement to the property that would allow its reassessment according to the Supreme Court of Pennsylvania....

Court upholds county's adherence to constitutional requirements.(cases in brief)(Brief Article)
July 1, 2003... The Supreme Court of South Dakota ruled that different assessments of a ranch property located in two counties did not violate the constitutional requirements of equality and uniformity. West Two Rivers Ranch (Ranch) encompasses almost...

Homeowners' challenge of tax assessment denied.(cases in brief)(Brief Article)
July 1, 2003... The Commonwealth Court of Pennsylvania ruled that taxpayers challenging their property tax assessment had to prove a lack of uniformity in the whole taxing district, not just in the neighborhood. Robert and Thelma Baechtold challenged the...

Court upholds zoning variance.(cases in brief)(Brief Article)
July 1, 2003... The Court of Appeals of Michigan ruled that a zoning variance to permit the construction of a 250-unit residential development on a 100-acre parcel of land zoned agricultural was not impermissible rezoning. In 1996 Henry and Doris Pyle and...

Taxation as agricultural property denied for property supporting greenhouses.(cases in brief)
July 1, 2003... The Colorado Court of Appeals ruled that property supporting greenhouses, where products are grown in fully enclosed, environmentally controlled buildings, is not a "farm" property for purposes of ad valorem taxation. The property at issue...

Expert's opinion ruled unreliable.(cases in brief)(Brief Article)
July 1, 2003... An expert's assurance that he was using the widely accepted sales comparison approach to estimate market value was not sufficient to demonstrate that his opinion was reliable in a condemnation action according to the Supreme Court of Texas. ...

A surprise realization: the taxation of condemnation proceeds.(law and the appraiser)
July 1, 2003... When faced with a property condemnation, an owner is generally most concerned about securing just compensation from the condemning authority for the loss of the property. This is also true when the owner negotiates the possible sale of property...

The capital and spatial divide: on a path toward convergence.(financial views)
July 1, 2003... Commentary Going into the summer of 2003, the economic scene is capturing more attention than in normal times when the focus would be on vacation plans instead of the stock market. There are signs that we are emerging from the endless...

Assessing supply and demand of convenience stores.(features)
July 1, 2003... abstract Assessing the supply and demand for convenience stores requires an analysis of the trade area, the geographical area in which the subject store competes for business. A trade area analysis attempts to assemble all pertinent...

Discount rates for consistent valuation of various measures of book income and cash flow.(features)
July 1, 2003... abstract Appraisers of commercial property, businesses, and industrial facilities often consider forecasts of income including earnings before interest, taxes, depreciation, and amortization, net book income or earnings, pre-tax net cash...

Strategic and structural changes in hotel mortgages: a multiple regression analysis.(features)
July 1, 2003... abstract This article demonstrates that corporate "A" bond rates and hotel mortgage interest rates are highly correlated. Specifically, bond rates in one calendar quarter are a reasonably accurate predictor of interest rates in the...

Further analysis of transmission line impact on residential property values.(features)
July 1, 2003... abstract Many studies have been done on the effects of high-voltage transmission lines on property values; however, the research results have been mixed. This study looks more deeply into the findings of one such study to see if the...

The effect of proximity to a registered sex offender's residence on single-family house selling price.(features)
July 1, 2003... abstract This study reports a finding of a significant effect on the selling price of a single-family house given its proximity to a registered sex offender's residence. The effect is an increasing function of proximity that varies with...

An overview of real estate like-kind exchanges.(notes and issues)
July 1, 2003... Real estate investors have long recognized the tax benefits of like-kind exchanges under Internal Revenue Code Section 1031. (1) Section 1001 of the Internal Revenue Code (IRC) (2) generally requires the recognition of realized gains and losses...

The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else.(Book Review)
July 1, 2003... by Hernando de Soto Published by Basic Books, New York, New York, 2000, 275 pages $27.50, hardcover Hernando de Soto is President of the Institute for Liberty and Democracy in Lima, Peru. The Economist has referred to his...

Comments on "the academic roots and evolution of real estate appraisal".(letters to the editor)
July 1, 2003... The above-referenced article by Norman G. Miller, PhD, and Sergey Markosyan (April 2003) was an excellent anthology of the appraisal profession and its major contributors. However, the authors inadvertently reversed the nomenclature of the...

"A statistical definition of value": a critical comment.(letters to the editor)
July 1, 2003... In Max Kummerow's above referenced Journal article (October 2002), he argues against traditional verbal definitions of market value and instead favors a statistical definition of value. Some of the issues related to "thinking statistically"...

Comments on "risk and reasonableness for nonmarket occupancy".(letters to the editor)
July 1, 2003... In their April 2003 Appraisal Journal article, Richard L. Parli, MAI, and Jeffrey D. Fisher, PhD, present a technique for valuing a leased fee interest that adjusts the fee simple estate for income detriment or benefit associated with...

Corrections to "risk and reasonableness for nonmarket occupancy".(letters to the editor)
July 1, 2003... Corrections to "Risk and Reasonableness for Nonmarket Occupancy" Table 1 Fee Simple Value Year 1 2 3 Market income $100,000 $102,000 $104,040...

Convenience Stores and Retail Fuel Properties: Essential Appraisal Issues.(publications of the appraisal institute)(Book Review)
July 1, 2003... by Robert E. Bainbridge, MAI, SRA Convenience stores are everywhere and most appraisers will face the challenge of valuing these complex properties at some point in their careers. This long-awaited text has just what they need to handle...

International Valuation Standards, Sixth Edition (2003).(publications of the appraisal institute)(Book Review)
July 1, 2003... The modern business world is global and today's decision-makers need international standards to assure transparency and consistency in their business transactions. This newest edition of the International Valuation Standards concludes the IVSC...