Start Date
10-12-2015 2:00 PM
End Date
10-12-2015 2:45 PM
Description
When appraisers estimate the value of real property for assessment purposes, some remove assets of the property from the valuation process by categorizing those assets as intangibles. For example, this is often accomplished by valuing the property as if it were being marketed for a different use and purpose, thereby ignoring the current use of the property, or by extracting specific components of the realty, declaring them to be of no value to future users, and eliminating the value they contribute. Many courts have rejected these attempts to value less than the whole property. This presentation will survey court decisions from a number of jurisdictions and analyze how courts have reacted to appraisers removing assets of real property from the valuation process.
Recommended Citation
Hibbard, Dave W. Esq., "The requirement to consider the current use of property" (2015). IAAO Annual Legal Seminar. 6.
https://researchexchange.iaao.org/legal/legal15/sessions/6
The requirement to consider the current use of property
When appraisers estimate the value of real property for assessment purposes, some remove assets of the property from the valuation process by categorizing those assets as intangibles. For example, this is often accomplished by valuing the property as if it were being marketed for a different use and purpose, thereby ignoring the current use of the property, or by extracting specific components of the realty, declaring them to be of no value to future users, and eliminating the value they contribute. Many courts have rejected these attempts to value less than the whole property. This presentation will survey court decisions from a number of jurisdictions and analyze how courts have reacted to appraisers removing assets of real property from the valuation process.
