Appraisal Journal articles from September 2004

Appraisal Journal archives from September 2004

Religious organization not entitled to property tax exemption for residential property.(cases in brief)(Brief Article)
September 22, 2004... A residential property, owned by a religious organization and used as a residence for its maintenance employee, was not entitled to an exemption from real property tax according to the Commonwealth Court of Pennsylvania. Reform...

Expert testimony by court-appointed appraisers deemed prejudicial.(cases in brief)(Brief Article)
September 22, 2004... According to the Court of Appeals of Indiana, a trial court committed error during a condemnation proceeding by allowing a city's experts to identify themselves during testimony as court-appointed appraisers. The City of Lafayette, Indiana...

Scouting organization does not qualify for property tax exemption unless operating under congressional charter.(cases in brief)(Brief Article)
September 22, 2004... A scouting organization, not chartered By an act of the U.S. Congress, was not entitled to an exemption from property taxes according to the Supreme Court of Vermont. Hopkinton Scout Leader Association, Inc. (HSLA) is a Massachusetts...

Space leased by university to bank providing student services is tax exempt.(cases in brief)(Brief Article)
September 22, 2004... Space in a university student center leased to a financial institution was exempt from property taxation according to the Supreme Court of Delaware. The student center at the University of Delaware (University) was built in 1996. The...

Church property housing missionaries on home assignment not tax exempt as property used purely and exclusively for religious purposes.(cases in brief)(Brief Article)
September 22, 2004... A house, bequeathed to a church and used as temporary housing for its missionaries on home assignment, was not used purely and exclusively for religious purposes according to the Court of Appeals of Tennessee. Madeline D. Apple bequeathed...

Assessments must consider impact of long-term lease on property value.(cases in brief)(Brief Article)
September 22, 2004... The Commonwealth Court of Pennsylvania ruled in an assessment appeals case that the trial court erred in failing to consider the impact of a long-term lease on the taxpayers' property. Dr. Edwin and Jane Assid own a 339-acre tract of land...

Loss of direct access to highway not compensable where reasonable alternate access remains.(cases in brief)(Brief Article)
September 22, 2004... The Supreme Court of Montana ruled in a condemnation case that compensating a property owner for loss of access to his property is appropriate only when access has been completely denied or the access provided is unreasonable. Gregory and...

Court upholds real estate tax exemption for church parking lot.(cases in brief)(Brief Article)
September 22, 2004... A church parking lot was exempt from real estate taxation because it was reasonably necessary for the church to operate according to the Commonwealth Court of Pennsylvania. Wesley United Methodist Church (Church) is located at the corner of...

The recovery: weathering the storm?(financial views)
September 22, 2004... Commentary Despite various setbacks, the economy remained on track through the summer of 2004, suggesting that the economic recovery might be enduring. This outlook for an improved economy continued going into the fall, although the...

Surveys, market interviews, and environmental stigma.(environment and the appraiser)
September 22, 2004... This edition of "Environment and the Appraiser" addresses the use of surveys and market interviews in analyzing the effects of environmental contamination on real property. The focus continues to be on the appropriate use of the methods and...

Private development as public use: new Michigan case raises questions about power to condemn property for economic development.(law and the appraiser)
September 22, 2004... More and more, the power of eminent domain is being used to transfer nonblighted land from one private owner to another for redevelopment. The scenario goes like this. A governmental entity focused on economic development identifies property it...

Highest and best use: the von Thunen connection.
September 22, 2004... astract In this article, a two-choice model is applied to agricultural land to illustrate a simple version of von Thunen's land-rent theory, and an expanded three-choice agricultural model is used to develop the concept of highest-valued...

USPAP--the bottom line: what to do, what to write.(Uniform Standards of Professional Appraisal Practice)
September 22, 2004... abstract The Uniform Standards of Professional Appraisal Practice (USPAP) necessarily address wide-ranging appraisal practices. However, USPAP is currently presented with general binding requirements and assignment-specific requirements...

Beach proximity and the distribution of property values in shore communities.
September 22, 2004... abstract Some evidence suggests that coastal properties, particularly those proximate to a beach, have outperformed most real estate market segments over the past decade. Less understood is the relative importance of the property and...

Appraisal standards and professional negligence claims.
September 22, 2004... abstract Successful negligence claims typically result from a failure to employ appropriate valuation methods, follow recognized appraisal procedures, or disclose hypothetical conditions. Advancements in appraisal education and improved...

What's a warranty worth? The impact of home owner warranties on property sales.
September 22, 2004... abstract Home owner warranties (HOWs) are insurance policies that supplement regular homeowner's insurance. HOWs cover major systems (e.g., HVAC, plumbing, etc.) in homes and are usually purchased during the marketing of a property. This...

Statistical reasoning in family limited partnership appraisals: new tax court scrutiny (1).(notes and issues)
September 22, 2004... In two recent cases, Lappo v. Commissioner, T.C. Memo 2003-258, and Peracchio v. Commissioner, T.C. Memo 2003-280, the Tax Court criticized business appraisers for their inadequate statistical reasoning. In Lappo, the court noted: We...

The full spectrum of real estate risk analysis (1).(notes and issues)
September 22, 2004... The full spectrum of real estate risk analysis begins with the traditional banking infrastructures needed to fund property development and economic growth. The spectrum extends to the newer securitization products and property rating systems...

Essays in Honor of William N. Kinnard, Jr.(Book Review)
September 22, 2004... Essays in Honor of William N. Kinnard, Jr. Edited by C.F. Sirmans and Elaine M. Worzala Published by Kluwer Academic Publishers, Boston, 2003, 328 pages $115.00, hardcover Essays in Honor of William N. Kinnard, Jr. is a collection...

Comments on "Base Adjusting in the Sales Comparison Approach".(letters to the editor)(Letter to the Editor)
September 22, 2004... I read with much interest the article "Base Adjusting in the Sales Comparison Approach," by Thomas P. Williams, MAI, (Spring 2004). It was a pleasure to see that someone has taken up the fight for legitimate mathematics. The lack of...

Response to comments on "Base Adjusting in the Sales Comparison Approach".(letters to the editor)(Letter to the Editor)
September 22, 2004... Mr. Cantwell's remarks are greatly appreciated and exude the major point of the article: the accuracy of adjustments in the sales comparison approach. Historically, summative adjustments have been the norm in the appraisal profession; however,...

Comments on "Do Vacant Houses Sell for Less? Evidence from the Lexington Housing Market".(letters to the editor)(Letter to the Editor)
September 22, 2004... As a practicing residential appraiser for twenty-five years, it is always helpful to read an academic paper regarding the validity of "conventional wisdom." I applaud Dr. Peng and Dr. Cowart on their research in their article, "Do Vacant Houses...

Response to comments on "Do Vacant Houses Sell for Less? Evidence from the Lexington Housing Market".(letters to the editor)(Letter to the Editor)
September 22, 2004... We thank Mr. Bredemeyer for his interest in our article in The Appraisal Journal. We appreciate the thoughtful questions that he raises regarding our research results and his comment to practicing appraisers; therefore, we welcome this...

Comments on "Subdivision Development: Risk, Profit, and Developer Surveys".(letters to the editor)(Letter to the Editor)
September 22, 2004... I was flattered that my 1999 comments were referenced in "Subdivision Development: Risk, Profit, and Developer Surveys," by Tony Sevelka, MAI, (Summer 2004). Here are a few more observations: * In our subdivision analyses, while we still...

Response to comments on "Subdivision Development: Risk, Profit, and Developer Surveys".(letters to the editor)(Letter to the Editor)
September 22, 2004... Mr. Kane, thank you for your comments on my article. Certainly, there is considerable confusion as to the nomenclature used in the application of the subdivision development method. Part of the confusion stems from inaccurately depicting the...

Comments on "Housing Bubble or Rational Price Appreciation?".(letters to the editor)(Letter to the Editor)
September 22, 2004... The article entitled "Housing Bubble or Rational Price Appreciation?" by James W. Hughes, PhD, and Joseph J. Seneca, PhD,(Summer 2004) was a timely topic for professional real estate appraisers in the New York metropolitan market. In this...

The Appraisal of Real Estate, 12th Edition and The Student Handbook to The Appraisal of Real Estate.(A Perfect Pair)(Book Review)
September 22, 2004... It's a perfect partnership: The Appraisal of Real Estate, a classic reference text with everything you need to know about real estate appraisal, and The Student Handbook to The Appraisal of Real Estate, a unique supplement that makes the text...