Journal of Property Tax Assessment & Administration


This IAAO paper addresses issues regarding the term fee simple, or more appropriately, fee simple absolute. Ongoing controversy regarding appraising the fee simple estate has prompted the need for further discussion on this topic. Specific issues arising from the term fee simple absolute include whether a property should be valued as if vacant, whether the term assumes any encumbrances on the property, and whether fee simple implies market rent. The fee simple estate is the foundation of what assessors in many jurisdictions are asked to examine, and clarifying this concept will assist assessors, appraisers, the courts, and others in the appraisal community in maintaining consistency, credibility, and uniformity in assessment and appraisal practices.

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Vaulation of commercial property; Valuation of leased properties


On Aug. 2, 2019, the International Association of Assessing Officers Board of Directors unanimously approved and released as the position of the Association the IAAO Special Committee on Fee Simple White Paper - “Setting the Record Straight on Fee Simple.”