Minnesota’s reject of heightened standard for external obsolescence is proper interpretation of The Appraisal of Real Estate

Authors

Matthew J. Wildes, Mitchell Hamline School of Law

Abstract

Most practitioners use The Appraisal of Real Estate (Appraisal Institute 2013a) in valuing real estate. In applying external obsolescence as a depreciation for real estate under the cost approach, court systems have found different interpretations of The Appraisal of Real Estate. Examples of these differences exist in Arizona, which requires a higher standard of proof, and Minnesota, which interprets The Appraisal of Real Estate to not require such an elevated level of proof. Minnesota adopted a just standard because it conforms with the proper interpretation of The Appraisal of Real Estate, the intent of the Appraisal Institute, the practice of experts, and general fairness.

First Page

69

Last Page

86

Keywords

Obsolescence; Depreciation; Legal research guide/aids

Recommended Citation

Wildes, M. J. (2018). Minnesota’s reject of heightened standard for external obsolescence is proper interpretation of The Appraisal of Real Estate. Journal of Property Tax Assessment & Administration, 15(1), 69-86. Retrieved from https://researchexchange.iaao.org/jptaa/vol15/iss1/4