The Appraisal Journal 2004: Vol 72 Index

2004·1.4 MB·English

Index to Volume LXXIl
Subjects
Accounting conventions Coefficient of variation Eminent domain
accounting standards in the United States, strengths and weaknesses as a tool to examine Use of eminent domain to transfer
23-27 property valuation conclusions, 147-154 nonblighted land to private owner for
Accounting standards recovery of litigation fees and expenses in redevelopment, 311-317
changes in established accounting standards, actions against the United States Energy efficiency
171-174 government, 92-100 building techniques, 57-68
Akerlof Conditions of sale EnergyStar
applying Akerlof’s “lemons” model to real adjustments in sales comparison approach, Environmental Protection Agency energy
estate, 356-357 50-56 management strategies, 63-67
American Institute of Certified Public Conservation easements Environmental contamination
Accountants (AICPA) definition, 175 market response to environmental risk,
fair value and observable market prices, 173 capital gains deductions, 176 300-310
Appraisal in the United Kingdom Charitable Giving Act, 176-177 using case studies to analyze adverse impact of
market value for financial reporting, 14-19 Internal Revenue Service, 177-178 contamination on property values, 111-118
Appreciation regulation, 175-178 Equal Access to Justice Act
analysis of appreciation/depreciation rates by tax deductions, 176 asserting a claim, 94-95
difference of means, 257-260 Uniform Conservation Easement Act, 175 recovering litigation fees and expenses, 92-100
real income growth when future income Uniform Standards of Professional Appraisal Existing use value (EUV)
exceeds rate of inflation, 143-146 Practice, 177-178 defined, 15-16
Appropriately supported use valuation, 175—178 Externalities
as an element of highest and best use, 45-49 Crime impact of externalities on value of undevel-
Asset classification impact on value based on severity of crime oped land, 124-126
valuation of investment vs. noninvestment using FBI Crime Index, 132-134 Fair value
properties, 17-18 Database searches defined, 17
Automated valuation models (AVMs) advanced research techniques, 76-79 distinctions between fair value and market
approaches for determining the accuracy of value, 29-31
Depreciated replacement cost (DRC)
automated valuation models, 147-154 use in revaluation of specialized properties, international standards, 171-174
Bank-foreclosed properties 15-16 Fair Value Measurement Project
as a condition of sale adjustment, 52—53, 55 Detrimental conditions Financial Accounting Standards Board
Base adjusting testing impact of detrimental conditions on (FASB) project to establish consensus on
using the proper base, 157 value, 253-262 fair value, 172-174
multiple adjustments, 156-162 Development options Financial Accounting Standards
sequence of adjustments, 155-162 valuation of property with development Board (FASB)
options, 121-126 activities to establish accounting standards,
Beachfront property 171-174
impact of distance from beach on property Discount rate
values in shore communities, 333—338 relationship between overall capitalization development of standards for accounting
rate and the discount rate, 135-146 practice, 24-27, 31-33
Behavioral finance
efforts to converge International Financial
sales comparison approach adjustments for Discounted cash flow Reporting Standards and United States
conditions of sale, 50-56 direct capitalization and zero-growth generally accepted accounting principles, 17
discounted cash flow analysis produce
Canadian Uniform Standards of
identical value estimates, 136-146 Financial reporting standards
Professional Appraisal Practice public reporting standards in the government
(CUSPAP) Distance education and private sectors, 23-34
court consideration of Canadian Uniform defined, 266-267
Sint annedgalridgse nocfe P rloafwessusiitosn,a l 3A3p9p-r3a5i4sa l Practice barriers, 269-273 Finaas ncani alellye mefnetas ioblfe hiugshee st and best use, 45-49
proper design, 267-269
Capitalization rate Fisher effect
relationship between overall capitalization Dollar adjustments computing riskless real rate and risky real
rate and the discount rate, 135-146 base adjustments in sales comparison rate, 123
approach, 156-158, 160-162
direct capitalization model, 135-146 Generally accepted accounting
Economic conditions principles (GAAP)
Case studies economic conditions and their impact on changes in accounting standards and
using case studies to analyze adverse impact of housing prices and the housing market generally accepted accounting principles,
contamination on property values, 111-118 216-222 171-174
Charitable Giving Act Electric transmission lines overview of generally accepted accounting
regulation of conservation easements, 176-177 impact on value of undeveloped land, 125—126 principles, 24-33
Index to Volume LXXIl
Subjects
Accounting conventions Coefficient of variation Eminent domain
accounting standards in the United States, strengths and weaknesses as a tool to examine Use of eminent domain to transfer
23-27 property valuation conclusions, 147-154 nonblighted land to private owner for
Accounting standards recovery of litigation fees and expenses in redevelopment, 311-317
changes in established accounting standards, actions against the United States Energy efficiency
171-174 government, 92-100 building techniques, 57-68
Akerlof Conditions of sale EnergyStar
applying Akerlof’s “lemons” model to real adjustments in sales comparison approach, Environmental Protection Agency energy
estate, 356-357 50-56 management strategies, 63-67
American Institute of Certified Public Conservation easements Environmental contamination
Accountants (AICPA) definition, 175 market response to environmental risk,
fair value and observable market prices, 173 capital gains deductions, 176 300-310
Appraisal in the United Kingdom Charitable Giving Act, 176-177 using case studies to analyze adverse impact of
market value for financial reporting, 14-19 Internal Revenue Service, 177-178 contamination on property values, 111-118
Appreciation regulation, 175-178 Equal Access to Justice Act
analysis of appreciation/depreciation rates by tax deductions, 176 asserting a claim, 94-95
difference of means, 257-260 Uniform Conservation Easement Act, 175 recovering litigation fees and expenses, 92-100
real income growth when future income Uniform Standards of Professional Appraisal Existing use value (EUV)
exceeds rate of inflation, 143-146 Practice, 177-178 defined, 15-16
Appropriately supported use valuation, 175—178 Externalities
as an element of highest and best use, 45-49 Crime impact of externalities on value of undevel-
Asset classification impact on value based on severity of crime oped land, 124-126
valuation of investment vs. noninvestment using FBI Crime Index, 132-134 Fair value
properties, 17-18 Database searches defined, 17
Automated valuation models (AVMs) advanced research techniques, 76-79 distinctions between fair value and market
approaches for determining the accuracy of value, 29-31
Depreciated replacement cost (DRC)
automated valuation models, 147-154 use in revaluation of specialized properties, international standards, 171-174
Bank-foreclosed properties 15-16 Fair Value Measurement Project
as a condition of sale adjustment, 52—53, 55 Detrimental conditions Financial Accounting Standards Board
Base adjusting testing impact of detrimental conditions on (FASB) project to establish consensus on
using the proper base, 157 value, 253-262 fair value, 172-174
multiple adjustments, 156-162 Development options Financial Accounting Standards
sequence of adjustments, 155-162 valuation of property with development Board (FASB)
options, 121-126 activities to establish accounting standards,
Beachfront property 171-174
impact of distance from beach on property Discount rate
values in shore communities, 333—338 relationship between overall capitalization development of standards for accounting
rate and the discount rate, 135-146 practice, 24-27, 31-33
Behavioral finance
efforts to converge International Financial
sales comparison approach adjustments for Discounted cash flow Reporting Standards and United States
conditions of sale, 50-56 direct capitalization and zero-growth generally accepted accounting principles, 17
discounted cash flow analysis produce
Canadian Uniform Standards of
identical value estimates, 136-146 Financial reporting standards
Professional Appraisal Practice public reporting standards in the government
(CUSPAP) Distance education and private sectors, 23-34
court consideration of Canadian Uniform defined, 266-267
Sint annedgalridgse nocfe P rloafwessusiitosn,a l 3A3p9p-r3a5i4sa l Practice barriers, 269-273 Finaas ncani alellye mefnetas ioblfe hiugshee st and best use, 45-49
proper design, 267-269
Capitalization rate Fisher effect
relationship between overall capitalization Dollar adjustments computing riskless real rate and risky real
rate and the discount rate, 135-146 base adjustments in sales comparison rate, 123
approach, 156-158, 160-162
direct capitalization model, 135-146 Generally accepted accounting
Economic conditions principles (GAAP)
Case studies economic conditions and their impact on changes in accounting standards and
using case studies to analyze adverse impact of housing prices and the housing market generally accepted accounting principles,
contamination on property values, 111-118 216-222 171-174
Charitable Giving Act Electric transmission lines overview of generally accepted accounting
regulation of conservation easements, 176-177 impact on value of undeveloped land, 125—126 principles, 24-33
Green building International Accounting Standards Mark-to-market
sales comparison approach, 64-65 Board (IASB) valuation of real estate in the United
cost approach, 65-66 activities to establish global accounting Kingdom, 14-19
definition, 57 standards, 171-174 valuing property at actual market value as
development of international accounting opposed to historic cost, 171-174
economic benefits 61-62
standards, 26-33 valuation for financial reporting, 20-34
elements, 58-61
working to converge accounting standards,
income capitalization approach, 66-67 16-18 Market value
international standards, 171-174
regulation, 63-64
International appraisal International Valuation Standards definition,
Hedonic models mark-to-market in the United Kingdom, 14-19
as an economic methodology unsupported 14-19
market value for financial reporting, 20-34
by, but using, regression mathematics, valuation for financial reporting, 20-34
253-262 Market value for existing use (MVEU)
to estimate the marginal impact of International Financial Reporting defined, 15-16
Standards (IFRS)
preservation on property values, 128-134 valuation in financial reporting, 31-32
efforts by the International Accounting
to investigate the price differentials for vacant Standards Board to address lack of Market value for financial reporting
as opposed to occupied houses, 235-236 consistency in accounting standards, 16-18 standards for valuation for financial
pricing model to measure effect of a home reporting, 14—19
owner warranty, 357-361 Iconmtpearrniantgi onthael perrefalo rmeasntcaet e and relationships valuation of real estate for financial reporting
Highest and best use of real estate markets, 163-170 in the United Kingdom, 14-19
deficiencies in current definition, 45—49 International Valuation Standards Mineral appraisals
von Thiinen land-rent theory of highest and (IVS) market segmentation, 69-75
best use, 318-323 valuation using international standards, 14-19 Mining businesses
Historic districts International Valuation Standards buyer segments, 70-71
relationship between historic preservation Committee (IVSC) neighborhood analysis, 73
district designation and property values, development of international valuation property development categories, 71-74
127-134 standards, 26—32 structure of the mining industry, 70-71
valuation of restored and unrestored fair value standards, 171—174
properties in historic districts, 127-134 Monitored natural attenuation
standards for valuation, 17 impact of monitored natural attenuation
Home owner warranty
Investor surveys status on property values, 114-118
effect of a home owner warranty on sale price
and marketing time, 355-362 investor surveys as primary source of global Monte Carlo analysis
input assumptions in discounted cash flow options-pricing models, 122-125
Housing bubble valuation modeling, 140-145
in New York, New Jersey, and Connecticut National economy
area, 216-222 Land contracts housing’s influence on national economy,
in Europe, 210-215 devseulbodpievri siuosne orfi skl aandn d coennthraancctse tpoo treendtuicale 216-217
Housing markets profit, 242-252 Negligence
European, 210-215 Land rent d efined, 341
urban neighborhoods, 127-134 bid-rent curves, 322 claims against appraisers for professional
negligence, 339- 354
Housing values determining highest and best use, 318-323
usihnogu shionugs imnagr kveatl,u e 22ch0a-n2g2e2s to assess the Lhiagnhde stu-svael ued land use, 320-321 Nteuslvtlail nughe ”yo pfo oftt hhpe reohsxyiipsmoit theys isst igofm a,“ no2 5e3ff-e2ct6 2o n
price appreciation, 216-222
LEED rating system testing of effect of vacancy, 237
inflation adjustment, 220-222 nationally recognized green standard for
Online education
Income capitalization approach commercial properties, 64—67
barriers, 269-273
invdueinssitcoqoru uenlstyu rvrpeaatyiessr ,e das 1 c3rae5pl-iit1aab4ll6ei zastoiuornc e raftoers and Lase gaan lleyle mpeentr miosf shiibghlees t uasned best use, 45-49 des2i6g6n-i2ng7 3 distance education for appraisers,
Locational characteristics regulation, 270-271
Inflation price impact of proximity to a beach or bay,
adjusting the housing price index to account 333-338 Out-of-state buyers
for inflation, 220—222 as a condition of sale adjustment, 54—55
Lum Library
inflation-driven discounted cash flow Paired sales analysis
using library databases, 76-79
analysis, 138-145 determining the effect of environmental
Interest rates Market analysis contamination, 300—310
empirical conclusions based on market
impact of interest rates on prices and Partnerships
evidence, 333-334
markets, 216, 219-222 appraisal of family limited partnerships,
market interviews and surveys to determine 363-369
International Accounting Standards opinions and perceptions of environmental
(IAS) contamination, 300—310 Pattern analysis
valuation of property using standards, 16-19 statistical approach to examine the
relationship of data sets, 165-170
Percentage adjustments Real income growth Scope of work
base adjustments in sales comparison uniquely paired capitalization rate and requirements under Canadian Uniform
approach, 157-162 discount rate linked by corresponding Standards ofP rofessional Appraisal Practice,
income-growth factor, 135-146 342-343
Perpetuity
concept of perpetuity and present value Real option requirements under Uniform Standards of
factor, 136-137 computing the price of agricultural land with Professional Appraisal Practice, 324-332
perpetuity and income growth projections, development option, 121-126 Sensitivity analysis
143-144 Real rate of return impact of variation in the time-value of
Physically possible use real rate of return after taking into account money calculation, 124-125
as an ciement of highest and best use, 45—49 the impact ofin flation, 135-146 Statistical tests
Professional appraisal practice Reasonably probable use formal testing of the null hypothesis using
professional standards applicable to as an element of highest and best use, 45-49 statistical models, 237, 253-262
appraisers, 339-354 Regression gradient and the decline in property values
associated with increasing distances,
competency, 340 model used to measure price impacts of
337-338
property-specific and market variables,
Professional organizations developing 334-338 land-value gradient, 318-323
valuation standards
significance and tests for the strength of
international and U.S. organizations Repeat sales
statistical associations between selling
developing valuation standards, 26-27 methodology using repeat sales to test the
prices and explanatory variables, 334—335
possible effect of a detrimental condition,
Property performance determinants 254-260 statistical reasoning in appraisal of family
identifying the key property performance limited partnerships, 363-369
drivers, 163-170 Research resources
tests available, 256-260
Lum Library databases, 76-79
Property value loss transformation and dependent variable
impact of environmental contamination, Restored properties transformed into a natural log to correct
300-310 impact of restoration on property values, heteroscedasticity, 335
impact of freight train activity and railroad 127-134
Stigma
tracks, 223-233 Risk class action litigation, 38-44
Proximity development risk, 244-245 models for measuring of stigma, 35-44
gradient and the decline in property values full spectrum of real estate risk analysis,
associated with increasing distances, 370-375 stigma effects, 35-44
337-338 marketing risk, 245 survey approach to measuring stigma
impacts, 35-44
price impact of proximity to a beach or bay, permitting risk, 244
333-338 using case studies to analyze adverse impact of
subdivision development risk, 242-252 contamination on property values, 111-118
stigma impact on property value resulting
from spatial relationship of property to a Risky real rate Subdivision development
detrimental condition, 253-262 computing real risky rate in development developer's profit, 245-250
options, 121-126
Public Company Accounting land contracts to reduce subdivision risk,
Oversight Board (PCAOB) Royal Institution of Chartered 243-244
audit and attestation standards, 171, 174 Surveyors (RICS) risks associated with subdivision develop-
RICS Appraisal and Valuation Standards (“the ment, 242-252
Public use Red Book’), 14—17
court definition of public use in eminent Survey research
review of European housing market, 210-215
domain cases, 311-317 gauging opinions and perceptions of
standards for financial reporting, 28, 32 environmental contamination, 300-310
Railroad crossings
impact on sale price, 226-233 R-square statistic Sustainable design
strengths and weaknesses as a tool to examine elements, 57-68
Railroad tracks property valuation conclusions, 148-154
effect of proximity to railroad tracks, 223-233 Tax-deferred exchanges
impact on sale price, 223-233 Sale adjustments as a condition of sale adjustment, 51—52, 55
for tax-deferred exchanges, 51-52, 55-5
Railroad train trips for sales of bank-foreclosed properties, Tax policy
effect of number of freight train trips, 223-233 55-56 impact of tax policy on economic bubbles, 217
Ratio analysis for transactions involving real estate Timing of development
asa tool to examine property valuation investment trusts (REITs), 53-54, 55-56 computing the expected time of develop-
conclusions, 148-154 for sales to out-of-state buyers, 54—56 ment, 121-126
Real estate economics Sale prices Toronto Valuation Accord
preservation premiums and restoration analyzing multiple listing services data using summary of Toronto Valuation Accord, 27-28
discounts, 127-134 a hedonic pricing model, 357-360 Uniform Appraisal Standards for
Real estate investment trusts (REITs) impact of proximity to water, 333-338 Federal Land Acquisitions
as a condition of sale adjustment, 53-56 impact of vacancy, 234-241 appraisal requirements, 99
statement of appraisal standards for property
Rreelaalt ioenssthaitp e beitnwveeens tmmeacnrtose conomic aSdajluesst mcenotmsp afrori suonuns uaalp pcronodaictiho ns of sale, valuations, 178
variables and returns for commercial 50-56
property class, 163-170
dollar and percentage adjustments, 155-162
Uniform Relocation Assistance and Uniform Standards of Professional Vacant houses
Real Property Acquisition Policies Act Appraisal Practice (USPAP) impact of vacancy on sale price, 234-241
requirements for negotiations involving real compared with the Canadian Uniform
Valuation for financial reporting
property, 99 Standards of Professional Appraisal Practice,
(VFR)
appraisal and subdivision analysis, 247-248 346 survey of issues and the organizations
developer surveys, 250-252 comparison of binding and flexible involved in valuation for financial
expectation of profit, 242-252 requirements, 324—332 reporting, 20-34
land contracts, 242-252 scope of work flexibility, 324, 328-329 valuing property at actual market value as
profit, 245-252 Urban revitalization opposed to historic cost, 171-174
risk, 243-245 computing the present value of damages or valuation of real estate for financial reporting
benefits that will be realized at the time of in the United Kingdom, 14-16
redevelopment, 127-134
Variance inflation factor (VIF)
used to check for the multicollinearity
problem in the larger data set, 227-233
Titles
Advanced Research Techniques of Highest and Best Use: The von Proximity Stigma: Testing the
the Lum Library Thiinen Connection Hypothesis
Eric Goodman, 76-79 Marvin L. Wolverton, PhD, MAI, 318-323 Albert R. Wilson, 253-262
Appraisal Standards and Professional Housing Bubble or Rational Price Recovery of Litigation Fees and
Negligence Claims Appreciation? Expenses in Federal Condemnation
Tony Sevelka, MAI, 339-354 James W. Hughes, PhD, and Joseph J. Proceedings under the Equal Access
Seneca, PhD, 216-222 to Justice Act
Base Adjusting in the Sales
David S. Black, JD, 92-100
Comparison Approach How Green is Your Building? An
Thomas P. Williams, MAI, 155-162 Appraiser’s Guide to Sustainable RICS European Housing Review 2004:
Beach Proximity and the Distribution Design Executive Summary
Krisandra Guidry, PhD, 57-68 Michael Ball, 210-215
of Property Values in Shore
Communities In All Fairness Statistical Reasoning in Family
Christopher Major and Kenneth Lusht, Brian A. Glanville, MAI, and Alison L. Limited Partnership Appraisals: New
PhD, MAI, 333-338 Gerlach, 171-174 Tax Court Scrutiny
Jeffrey B.Wolpin, 363-369
Case Studies Analysis: Environmental Macroeconomic Variables and Real
Stigma and Monitored Natural Estate Returns: An International Subdivision Development: Risk,
Attenuation Comparison Profit, and Developer Surveys
Thomas O. Jackson, PhD, MAI, 111-118 Nicholas Hoskins, David Higgins, PhD, Tony Sevelka, MAI, 242-252
and Richard Cardew, 163-170
Conditions of Sale Adjustment: The A Survey Approach for Demonstrat-
Influence of Buyer and Seller Mark-to-Market in the United ing Stigma Effects in Property Value
Motivations on Sale Price Kingdom Litigation
Barrett A. Slade, PhD, MAI, 50-56 Stephen T. Crosson, MAI, SRA, and James Flynn, PhD, Donald G. MacGregor,
Simon D. Neame, 14—19 PhD, Wayne Hunsperger, MAI, SRA,
Conservation Easements: Growth,
C. K. Mertz, and Stephen M. Johnson,
Abuses, and Regulation Market Segmentation: An Important
Bill Garber, 175-178 Facet of Market Analysis for Mineral PhD, 35-44
Appraisals Surveys, Market Interviews, and
Do Vacant Houses Sell for Less?
Ellen FE. Hodos, 69-75 Environmental Stigma
Evidence from the Lexington
ThomasO. Jackson, PhD, MAI, 300-310
Housing Market Market Value for Financial Reporting:
Chien-Chih Peng, PhD, and Lary B. The Premise The Timing of Development
Cowart, PhD, 234-241 John D. Dorchester Jr., MAI, 20-34 Revealed by the Market: An Options
Approach
The Effect of Freight Railroad Tracks Online Education: Designing for the
Dorothea M. Colwell and Peter F. Colwell,
and Train Activity on Residential Future in Appraiser Education
PhD, 121-126
Property Ray Martinez, 266-273
Robert A. Simons, PhD, and Abdellaziz El USPAP—The Bottom Line: What to
Preservation Premiums and Required
Jaouhari, PhD, 223-233 Do, What to Write
Restoration Discounts: An Empirical
Thomas D. Boyle, MAI, 324-332
Evaluating the Valuers Analysis of the Jacksonville, Florida,
M. Steven Kane, Mark R. Linné, MAI, and Historic Housing Market What's a Warranty Worth? The
Jeffrey A. Johnson, MAI, 147-154 Allen K. Lynch, PhD, 127-134 Impact of Home Owner Warranties
on Property Sales
The Full Spectrum of Real Estate Risk Private Development as Public Use:
Sean P. Salter, PhD, Ken H. Johnson, PhD,
Analysis New Michigan Case Raises Questions
and Randy I. Anderson, PhD, 355-362
Gary P. Taylor, MAI, SRA, and William E. About Power to Condemn Property
Endsley, 370-375 for Economic Development Where the Overall Cap Rate Meets
David S. Black, JD, 311-317 the Discount Rate
A Higher and Better Definition
Tony Sevelka, MAI, 135-146
David C. Lennhoff, MAI, SRA, and
Richard L. Parli, MAI, 45-49
Authors
Anderson, Randy I., 355-362 Glanville, Brian A., 171-174 Martinez, Ray, 266-273
Ball, Michael, 210-215 Goodman, Eric, 76-79 Mertz, C. K., 35-44
Black, David S., 92-100, 311-317 Guidry, Krisandra, 57-68 Neame, Simon D., 14—19
Boyle, Thomas D., 324—332 Higgins, David, 163-170 Parli, Richard L., 45-49
Cardew, Richard, 163-170 Hodos, Ellen F., 69-75 Peng, Chien-Chih, 234-241
Colwell, Dorothea M., 121-126 Hoskins, Nicholas, 163-170 Pomerantz, Nathan, 376-378
Colwell, Peter E, 121-126 Hughes, James W., 216-222 Salter, Sean P., 355-362
Cooper, Gail, 276-277 Hunsperger, Wayne, 35-44 Seneca, Joseph J., 216—222
Cowart, Lary B., 234-241 Jackson, Thomas O., 111-118, 300-310 Sevelka, Tony, 135-146, 242-252, 339-354
Crosson, Stephen T., 14-19 Johnson, Jeffrey A., 147-154 Simons, Robert A., 80-81, 223-233
Dannis, Charles G., 263-265 Johnson, Ken H., 355-362 Slade, Barrett A., 50-56
DeJong, Alyce B., 119-120 Johnson, Stephen M., 35-44 Stiegler, M. H., 1-4, 89-91, 195-199,
DeLisle, James R., 5—13, 101-110, 200- Kane, M. Steven, 147-154 287-290
209, 291-299 Kerr, Ellie, 119-120 Swango, Dan, 179-180, 274-276
Dorchester, John D., Jr., 20-34 Linné, Mark R., 147-154 Taylor, Gary P., 370-375
El Jaouhari, Abdellaziz, 223-233 Lynch, Allen K., 127-134 Williams, Thomas P., 155-162
Endsley, William E., 370-375 Lennhoff, David C., vii—viii, 45-49 Wilson, Albert R., 253-262
Flynn, James, 35-44 Lusht, Kenneth, 333-338 Wolpin, Jeffrey, 363-369
Garber, Bill, 175-178 MacGregor, Donald G., 35-44 Wolverton, Marvin L., 318-323
Gerlach, Alison L., 171-174 Major, Christopher, 333-338
Cases in Brief
Assessments must consider impact of long- Future profits from unleased billboards not Reducing convenience of access not a
term lease on property value, 289 compensable in condemnation, 195 compensable taking, 90
Bridge closing ruled an exercise of police Future rezoning may be considered in Religious organization not entitled to
power, not an inverse condemnation, 3 determining just compensation, 89 property tax exemption for residential
Donation does not invalidate rezoning, 90-91 Government-owned property leased to property, 287
Church property housing missionaries on commercial tenants ruled not tax exempt, Scouting organization does not qualify for
home assignment not tax exempt as 197-198 property tax exemption unless operating
property used purely and exclusively for Income capitalization approach rejected in under congressional charter, 288
religious purposes, 289 valuation of truck stop partial taking, 89 Space leased by university to bank providing
Condemnation action for private develop- Loss of direct access to highway not student services is tax exempt, 288
ment project ruled unconstitutional, 196 compensable where reasonable alternate Tax credits are intangible property and not
Cost of remediation appropriate to consider access remains, 290 included in the value of property, 3
when determining value of contaminated Medical clinics providing occasional free care Testimony on possible rezoning requires
property for ad valorem purposes, 91 are not exempt from property tax, 90 showing of reasonable probability, 197
Court upholds real estate tax exemption for Neighborhood desirability rating challenged, 2 Township rezoning ordinance does not
church parking lot, 290 Opinion of value must be based on facts and constitute spot rezoning, |—2
Effect of environmental contamination, but data generally relied on by real estate Unimproved church land does not qualify for
not clean-up costs, considered in experts, 2 tax exemption, 198-199
determining market value, 4 Proof of property tax discrimination does not Unit rule violated when timber value added
Expert testimony by court-appointed require valuation of neighboring to land value, 1
appraisers deemed prejudicial, 287 properties, 196 Wooded area does not constitute “necessary
Failure to use recognized appraisal methods Property tax exemption upheld for support land” for tax assessment purposes,
sufficient to support imposition of correspondence school, 195 3-4
sanctions, 198
Columns
Book Reviews International Appraising Notes and Issues
Gail Cooper, MAI, 276-277 Mark-to-Market in the United Kingdom Advanced Research Techniques of the Lum
Tax Credits for Low Income Housing: Stephen T. Crosson, MAI, SRA, and Library
Opportunities for Developers, Non- Simon D. Neame, 14—19 Eric Goodman, 76-79
Profits, Agencies and Communities Under RICS European Housing Review 2004: Conservation Easements: Growth, Abuses,
Expanded Tax Code Provisions, 12th edition Executive Summary and Regulation
by Joseph Guggenheim Michael Ball, 210-215 Bill Garber, 175-178
Stephen T. Crosson, MAI, SRA, 82 Law and the Appraiser lhe Full Spectrum of Real Estate Risk
Investing in Real Estate Recovery of Litigation Fees and Expenses in Analysis
by Andrew McLean and Gary W. Eldred, Federal Condemnation Proceedings under Gary P. Taylor, MAI, SRA, and William E.
PhD the Equal Access to Justice Act Endsley, 370-375
Robert A. Simons, PhD, 80-81 David S. Black, JD, 92-100 In All Fairness
The Lexus and the Olive Tree Private Development as Public Use: New Brian A. Glanville, MAI, and Alison |
by Thomas Friedman Michigan Case Raises Questions About Gerlach, 171—174
Dan Swango, PhD, MAI, SRA, 179-180 Power to Condemn Property for Economic Noteworthy Valuation-Related Papers from
The Complete Idiot's Guide to Investing Development the American Real Estate Society Annual
in Fixer-Uppers David S. Black, JD, 311-317 Meeting
by Stuart Leland Rider Charles G. Dannis, MAI, SRA, 263-265
Letters to the Editor
Nathan Pomerantz, MAI, 376-378 Comments on “Market Value for Financial Online Education: Designing for the Future
Essays in Honor of William N. Kinnard, Jr. Reporting: The Premise” (Winter 2004), in Appraiser Education
Edited by C.F. Sirmans and Elaine M. 181-185 Ray Martinez, 266-273
Worzala
comments on “A Higher and Better Statistical Reasoning in Family Limited
Larry T. Wright, MAI, SRA, 275-276 Definition” (Winter 2004), 186-189 Partnership Appraisals: New Tax Court
Property Valuation Methodology Scrutiny
by Dominique Fischer omments on “Evaluating the Valuers” Jeffrey B. Wolpin, 363-369
(Spring 2004), 278-279
Environment and the Appraiser
“omments on “Base Adjusting in the Sales
Case Studies Analysis: Environmental Stigma
Comparison Approach” (Spring 2004),
and Monitored Natural Attenuation 279, 379
Thomas O. Jackson, PhD, MAI, 111-118
‘omments on “Do Vacant Houses Sell for
Surveys, Market Interviews, and Environmental
Less: Evidence from the Lexington
Stigma
Housing Market” (Summer 2004),
Thomas O. Jackson, PhD, MAI, 300-310
379-382
Financial Views ‘omments on “Subdivision Development:
Real Estate and the Economy: The Train Has Risk, Profit, and Developer Surveys”
Left the Station (Summer 2004), 382-383
James R. DeLisle, PhD, 5-13
“omments on “Housing Bubble or Rational
The Three Rs of Election Year Ecor omics: Price Appreciation?” (Summer 2004), 383
Recovery, Rhetoric, and ‘Rithmetic
James R. DeLisle, PhD, 101-110 News from NCREIF
Valuation Committee Meeting Notes
The Real Estate Ripple: Catching the Wave?
Ellen Kerr, MAI, and Alyce DeJong, MAI,
James R. DeLisle, PhD, 200-209
119
The Recovery: Weathering the Storm?
James R. DeLisle, PhD, 291-299