The focus of this article is whether the membership interests in private golf clubs should be considered as real property for ad valorem taxation appraisal assignments and how they should be addressed in the income approach to value.
Valuation of recreational properties, Valuation of personal property
Hirsh, L. A. (2007). Private golf club memberships: real or personal property?. Journal of Property Tax Assessment & Administration, 4(3), 71-81. Retrieved from https://researchexchange.iaao.org/jptaa/vol4/iss3/7