Appraisal Journal articles from September 2008

Appraisal Journal archives from September 2008

Destruction of right of access is a compensable taking even if property is still economically viable.(Recent Court Decisions)
September 22, 2008... The Supreme Court of Ohio ruled that a city's refusal to permit a landlocked property to access an abutting public road was a compensable taking even though the property was not deprived of all economically viable use. In 1991, Hilltop...

Foreclosure sale set aside when purchase price was grossly inadequate because of mortgagee's innocent mistake.(Recent Court Decisions)
September 22, 2008... When a mortgagee's innocent mistake caused foreclosed property to be sold at a grossly inadequate price, the foreclosure sale must be set aside to prevent injustice, according to the District Court of Appeal of Florida. Long Beach Mortgage...

When property is valued for the purpose of setting rent under a renewed lease, the effects of the lease itself must be considered.(Recent Court Decisions)
September 22, 2008... The Court of Appeals of New York ruled that the effects of a long-term lease must be taken into account when the property is appraised for purposes of setting the rental rate for the renewal term. The Horace Wilson Marital Trust (Lessor)...

City not required to base zoning decisions on expert opinions.(Recent Court Decisions)
September 22, 2008... A city had sufficient grounds to deny a rezoning application solely based on the opinions of residents familiar with the area and did not need to consider expert opinions, according to the Supreme Court of Alabama. Nathan Rodgers...

Parcels separated by public road and railroad tracks are contiguous.(Recent Court Decisions)
September 22, 2008... Office buildings that were separated from a manufacturing facility by railroad tracks and a public road were nonetheless contiguous to the plant site and should be assessed as manufacturing-related property, according to the Supreme Court of...

Developer of new road must upgrade abutting public road to meet construction standards applicable to intersections.(Recent Court Decisions)
September 22, 2008... A developer seeking to build a new access road must first upgrade the connecting public road when an ordinance required compliance with certain construction standards at such intersections, according to the Supreme Judicial Court of Maine. ...

Educational property tax exemption available only to learning institutions and entities operating on their behalf.(Recent Court Decisions)
September 22, 2008... The Appellate Court of Illinois ruled that an off-campus fraternity house owned by a nonprofit corporation was not entitled to an educational property tax exemption because the house was not operated on behalf of a university. Illinois...

Taxpayer must own the property and use it for an exempt purpose as of the tax lien date to qualify for an exemption.(Recent Court Decisions)(Brief article)
September 22, 2008... The Supreme Court of Ohio ruled that a church was not entitled to a property tax exemption when it had not owned the property as of January 1, the tax lien date of the relevant tax year. In November of 2005, Sylvania Church of God...

The three C's of our disconnect: credit, confidence, and collateral.(FINANCIAL VIEWS)(Viewpoint essay)
September 22, 2008... Commentary Going into the summer of 2008, we were concerned about the ripple effect of the stagnating economy on the heels of the housing market collapse and the emerging credit crunch. Much has changed in a short period of time. Indeed,...

Put simply, make your experts teach.(LAW AND THE APPRAISER)(Viewpoint essay)(Reprint)
September 22, 2008... Judge Gunn appointed Angus to defend a criminal case, and a number of us went down to watch the trial, including some of the students from my trial tactics class. It was an insanity defense--those are hard cases to win--but by the time Angus...

The effect of noise barriers on the market value of adjacent residential properties.(INTERNATIONAL APPRAISING)(Report)
September 22, 2008... Abstract This paper provides the first study on the impact of noise barriers on the price of adjacent houses based on a repeat sale analysis (RSA). RSA allows us to empirically examine the differential between the prices of houses sold...

The valuation of cemeteries and mortuaries.(Report)
September 22, 2008... ABSTRACT Cemeteries and mortuaries are unique properties, but they can be segmented, quantified, and appraised on the basis of traditional valuation approaches. Cemeteries and mortuaries are the key components of the deathcare industry,...

Contaminated waterways and property valuation.(Report)
September 22, 2008... ABSTRACT Throughout the United States. there are countless contaminated waterways, including lakes, rivers, and ocean coastlines. Indeed, it is difficult to find a waterway that is free of environmental issues. Contamination comes from...

Professional valuation and investment-financial valuation: distinctions in valuations for private and public markets.(Report)
September 22, 2008... ABSTRACT This article establishes clear theoretical distinctions between professional valuation, which focuses on assets with less than perfect liquidity (such as real estate) that are traded in private markets, and investment-financial...

An argument for establishing a standard method of capitalization derivation.(Report)
September 22, 2008... ABSTRACT A capitalization rate may be extracted from any sale of income-producing real estate for which the selling price and the net income are known. The accuracy of the capitalization rate calculation depends on the accuracy of the...

Subdivision market analysis and absorption forecasting.(Report)
September 22, 2008... ABSTRACT Market analysis provides data to identify the highest and best use of property and key factors of value that are to be measured by applying the three approaches to value. in subdivision valuation, market analysis must show how the...

Comments on "Daubert and the expert witness revisited".(Letter to the editor)
September 22, 2008... I read "Daubert and the Appraisal Expert Witness Revisited" (Spring 2008) hoping for some insight on recent cases. What I found was the opposite. The authors failed to properly discuss two cases that were analyzed in the summary of cases (Exxon...

Appraisal Institute Education Trust announcement of scholarship awards: transforming our future.(ANNOUNCEMENT OF SCHOLARSHIP AWARDS)
September 22, 2008... Each year, the Appraisal Institute Education Trust awards scholarships, grants, and internships to qualified individuals for education or work in the field of real estate. The Education Trust is pleased to announce the winners of its 2008...

Appraisal Institute MAI designation requirements.(ABOUT THE APPRAISAL INSTITUTE)(Member of the Appraisal Institute)
September 22, 2008... Appraisal Institute MAI Designation Requirements Associate membership is required to pursue the MAI Designation. For complete information on ...

Appraisal Institute SRA designation requirements.(ABOUT THE APPRAISAL INSTITUTE)
September 22, 2008... Appraisal Institute SRA Designation Requirements Associate membership is required to pursue the SRA designation. For complete information on ...

Appraisal Institute Education Trust announcement of scholarships.(SCHOLARSHIPS)
September 22, 2008... Each year, the Appraisal Institute Education Trust awards scholarships, grants, and internships to qualified individuals for education or work in the field of real estate appraisal. Applications are now being accepted for the following...