Journal of Property Tax Assessment & Administration


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.

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Obsolescence; Depreciation; Legal research guide/aids