Start Date

30-10-2017 3:00 PM

End Date

30-10-2017 4:30 PM

Description

Theme Park Valuation explores the assessment of complex properties. The Orange County Property Appraiser values seven major theme parks as well as 4 major water parks that include the Walt Disney World Resort and Universal Studios Orlando. The cost and income approaches to value play a significant role in establishing fair market value. Using state of the art GIS technology that provides three-dimensional data and aerial imagery assists with governmental challenges associated with property use as of appraisal date. The importance of up to date cost models, construction catalogs and a skilled appraisal team is presented. Identifying the computer assisted mass appraisal system building types is reviewed with emphasis on proper classification and construction type. An accurate estimate of a cost approach to valuation is essential when identifying unique improvements. Likewise, the cost approach is dependent ultimately on the first step - estimate the land value. Just as each theme park is unique as are most buildings within the park, the land is just as important. The sales comparison to land valuation is considered primarily but often gives way to alternate methods such as allocation abstraction or an anticipated use method. When estimating land value the appraiser may also consider an income approach to value as parking premiums are always attributable to theme park incomes. Theme Parks contribute to local economies and support the complementary property types such as hotels, restaurants, retail and other tourist sub markets. Economic impact results in millions of dollars in revenue supporting the resources that service the parks, transportation authorities as well as all the tourist destinations in general. This presentation summarizes the effectiveness, responsibility and economic benefits when assessing the unique revenue generating Theme Parks located in the vacation capital of the world - Orlando, Florida.

Publication Date

October 2017

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Oct 30th, 3:00 PM Oct 30th, 4:30 PM

Theme park valuation

Theme Park Valuation explores the assessment of complex properties. The Orange County Property Appraiser values seven major theme parks as well as 4 major water parks that include the Walt Disney World Resort and Universal Studios Orlando. The cost and income approaches to value play a significant role in establishing fair market value. Using state of the art GIS technology that provides three-dimensional data and aerial imagery assists with governmental challenges associated with property use as of appraisal date. The importance of up to date cost models, construction catalogs and a skilled appraisal team is presented. Identifying the computer assisted mass appraisal system building types is reviewed with emphasis on proper classification and construction type. An accurate estimate of a cost approach to valuation is essential when identifying unique improvements. Likewise, the cost approach is dependent ultimately on the first step - estimate the land value. Just as each theme park is unique as are most buildings within the park, the land is just as important. The sales comparison to land valuation is considered primarily but often gives way to alternate methods such as allocation abstraction or an anticipated use method. When estimating land value the appraiser may also consider an income approach to value as parking premiums are always attributable to theme park incomes. Theme Parks contribute to local economies and support the complementary property types such as hotels, restaurants, retail and other tourist sub markets. Economic impact results in millions of dollars in revenue supporting the resources that service the parks, transportation authorities as well as all the tourist destinations in general. This presentation summarizes the effectiveness, responsibility and economic benefits when assessing the unique revenue generating Theme Parks located in the vacation capital of the world - Orlando, Florida.