Start Date
11-12-2015 8:45 AM
End Date
11-12-2015 9:30 AM
Description
When property tax appraisers and assessors are faced with difficult decisions relating to the valuation of contaminated properties, they can turn to the IAAO Standard that provides guidance on how to approach this challenge. This Standard was developed in 1992 and revised in 2001, and reflects a consensus of appraisal opinions distilled from landmark court cases, mostly in the 1980s and 1990s, and EPA regulations. The Standard is currently under review by the IAAO Technical Standards Committee, which intends to update it and make necessary revisions to ensure that the guidance provided remains in concert with an evolving legal and appraisal framework. This presentation will expose the audience to the major concepts and how they were developed for the current Standard and will discuss key aspects of the Standard being considered for revision. Discussion will include the case-law found in the Standard, valuation techniques, including value in use, situations under which assessors should consider clean-up costs, liability, and other topics addressed in this Standard. Emphasis will be placed on sections under consideration for revision.
Recommended Citation
Dornfest, Alan AAS, "Legal and appraisal issues related to contaminated property" (2015). IAAO Annual Legal Seminar. 9.
https://researchexchange.iaao.org/legal/legal15/sessions/9
Legal and appraisal issues related to contaminated property
When property tax appraisers and assessors are faced with difficult decisions relating to the valuation of contaminated properties, they can turn to the IAAO Standard that provides guidance on how to approach this challenge. This Standard was developed in 1992 and revised in 2001, and reflects a consensus of appraisal opinions distilled from landmark court cases, mostly in the 1980s and 1990s, and EPA regulations. The Standard is currently under review by the IAAO Technical Standards Committee, which intends to update it and make necessary revisions to ensure that the guidance provided remains in concert with an evolving legal and appraisal framework. This presentation will expose the audience to the major concepts and how they were developed for the current Standard and will discuss key aspects of the Standard being considered for revision. Discussion will include the case-law found in the Standard, valuation techniques, including value in use, situations under which assessors should consider clean-up costs, liability, and other topics addressed in this Standard. Emphasis will be placed on sections under consideration for revision.