Appraisal Journal articles from June 2004

Appraisal Journal archives from June 2004

Future profits from unleased billboards not compensable in condemnation.(cases in brief)(Brief Article)
June 22, 2004... In a case of first impression in that state, the Supreme Court of Indiana ruled that billboards are compensable in a condemnation case to the extent that they enhanced the value of the property on the day of the taking, but not for any lost...

Property tax exemption upheld for correspondence school.(cases in brief)(Brief Article)
June 22, 2004... A correspondence school that offered courses in natural health for personal enrichment and self-improvement was entitled to an exemption from property taxes according to the Tax Court of Indiana. Trinity School of Natural Health, Inc....

Proof of property tax discrimination does not require valuation of neighboring properties.(cases in brief)
June 22, 2004... According to the Supreme Judicial Court of Maine a taxpayer could prove unjust property tax discrimination without proving the value of neighboring lots. Ram's Head Partners, LLC (Ram's Head) owns three waterfront lots in southwest Cape...

Condemnation action for private development project ruled unconstitutional.(cases in brief)(Brief Article)
June 22, 2004... An Arizona appellate court ruled unconstitutional a city's action to condemn property for a redevelopment project consisting of a privately owned retail center. For many years the Bailey family has operated Bailey's Brake Service on...

Testimony on possible rezoning requires showing of reasonable probability.(cases in brief; appraisal)(Brief Article)
June 22, 2004... Expert testimony about the possible rezoning was not admissible in a condemnation action brought by a university according to the Appellate Court of Illinois. William Shapiro owned a 1,825-square-foot parcel of property that was vacant,...

Government-owned property leased to commercial tenants ruled not tax exempt.(cases in brief)(Brief Article)
June 22, 2004... According to the Supreme Court of Pennsylvania property owned by a state government entity but leased to commercial tenants was not exempt from local taxation. The Southeastern Pennsylvania Transportation Authority (Authority), an agency...

Failure to use recognized appraisal methods sufficient to support imposition of sanctions.(cases in brief)
June 22, 2004... An appraiser's failure to use proper appraisal methods, including the before and after method of appraisal, violated the Uniform Standards of Professional Appraisal Practice (USPAP) Standards Rules and warranted the imposition of sanctions by...

Unimproved church land does not qualify for tax exemption.(cases in brief)(Brief Article)
June 22, 2004... Church property without buildings did not qualify as property used for religious purposes according to the Court of Appeals of North Carolina. The Church of Yahshua The Christ At Wilmington (Church) owns 50 acres of land in Pender County,...

The real estate ripple: catching the wave?(financial views)
June 22, 2004... Commentary The summer of 2004 is shaping up as an interesting economic period, one in which the fledgling recovery tries to maintain momentum as it seeks to get back on track. There are a number of signs that things will continue to...

RICS European housing review 2004: executive summary.(international appraising; )
June 22, 2004... Key Messages: * There was a notable two speed division in Europe in 2003 between countries with booming and stagnant housing markets. * Housing markets have generally performed much better than national economies despite the slowdown...

Housing bubble or rational price appreciation?
June 22, 2004... abstract A massive house price bubble developed in the tristate region of Connecticut, New Jersey, and New York during the 1980s as a result of a booming national economy centered on the two coasts of the United States. But the bubble...

The effect of freight railroad tracks and train activity on residential property values.
June 22, 2004... abstract This study evaluates the impact of freight railroad tracks on housing markets. A hedonic price model is used to estimate reduction in the sale price of residential properties near freight railroad tracks in Cuyahoga County, Ohio...

Do vacant houses sell for less? Evidence from the Lexington housing market.
June 22, 2004... abstract This study examines the impact of vacancy on residential property sale prices and length of time on the market. Conventional wisdom has long suggested that vacant properties generally take longer to sell and sell for lower prices....

Subdivision development: risk, profit, and developer surveys.
June 22, 2004... abstract This research paper addresses some of the critical aspects of subdivision development that have not been fully explored by the appraisal profession. Subdivision is a dynamic and complex process, and carries many risks, both...

Proximity stigma: testing the hypothesis.(property valuation)
June 22, 2004... abstract Missing from much of the literature on proximity stigma is an explicit test of the null hypothesis of "no effect on value" among homes likely to be influenced by a detrimental condition. This article reports the results of tests...

Noteworthy valuation-related papers from the American Real Estate Society annual meeting.(notes and issues)
June 22, 2004... The Twentieth Annual American Real Estate Society (ARES) Meeting was held in Captiva Island, Florida, on April 21-24, 2004. Over 170 papers and panels were presented by academicians, PhD students, and researchers, as well as by practitioners...

Online education: designing for the future in appraiser education.(notes and issues)
June 22, 2004... In the last five years, Internet-based education has grown exponentially. Companies report using online education to train not only their employees in skills and the corporate culture, (1) but also their customers and business partners....

Property Valuation Methodology.(Book Review)
June 22, 2004... Property Valuation Methodology by Dominique Fischer Published by Black Swan Press, Perth, Australia, 2002, 202 pages $78.56, softcover Property Valuation Methodology is a half-book. What is a "half-book"? It is one that only tells...

Tax Credits for Low Income Housing: Opportunities for Developers, Non-Profits, Agencies and Communities Under Expanded Tax Code Provisions, 12th edition.(Book Review)
June 22, 2004... Tax Credits for Low Income Housing: Opportunities for Developers, Non-Profits, Agencies and Communities Under Expanded Tax Code Provisions, 12th edition by Joseph Guggenheim Published by Simon Publications, Glen Echo, Maryland, 2003,...

Comments on "Evaluating the Valuers".(letters to the editor)(Letter to the Editor)
June 22, 2004... The recent article entitled "Evaluating the Valuers," by Kane, Linne, and Johnson raises a number of relevant and important issues on the purpose of an automatic valuation model (AVM) and tools that can be used to evaluate the results of AVMs....

Comments on "Base Adjusting in the Sales Comparison Approach".(letters to the editor)(Letter to the Editor)
June 22, 2004... In his otherwise fine article "Base Adjusting in the Sales Comparison Approach" (Spring 2004), Thomas P. Williams, MAI, may have left two erroneous impressions. He states that Appraisal Institute Course 530, Advanced Sales Comparison and Cost...

The Student Handbook to the Appraisal of Real Estate.(publications of the appraisal institute)(Brief Article)(Book Review)
June 22, 2004... The Student Handbook to The Appraisal of Real Estate by Mark R. Rattermann, MAI, SRA (2004) Spiral bound, 389 pages, illustrated Members: $40 Nonmembers: $45 Stock number: 0698M Appraisal Institute members can order a single copy of...