TY - BOOK AU - Boykin,James H. TI - Land Valuation: adjustment procedures and assignments. SN - 0922154643 AV - HD1387 B69 2001 U1 - 333.33/2 21 PY - 2001/// CY - United States of America PB - Appraisal Institute KW - Real property KW - Valuation KW - Local N1 - Includes bibliographical references; Contents : Lists of Figures and Tables xi -- About the Author xiii -- Foreword xv -- Acknowledgments xvi -- Part I Introduction 1 -- 1 Overview of Land Valuation Assignments and Adjustment Procedures 3 -- 2 Economic Significance of Land 11 -- Importance of Real Estate to Top Wealthholders Private Sector Land Holdings Summary -- 3 Locating Properties in the Field 15 -- Assessor's Section Sheet -- Scaled Distances and Odometer -- Computer-Generated Maps -- U.S. Geological Survey Maps -- Utility Pole Markers -- Aerial Photography -- Deed Book References -- Using a Compass -- Global Positioning System -- Summary -- 4 Site Analysis 25 -- Purpose of Site Analysis -- Identifying Rights to be Appraised -- Zoning -- Private Restrictions -- Determining Boundary Lines -- Easements -- Terrain -- Soil -- Conditions -- Flood -- Hazards -- Summary -- Judging Highest and Best Use 39 -- Available Uses -- Legal Uses -- Probability of Rezoning -- Physically Permitted Uses -- Suffiency of Demand -- Duration and Intensity of Parcel Uses -- Most Probable Site Value -- Excess and Surplus Land -- Most Probable Use -- Highest and Best Use Studies -- Summary -- Part II Adjustment Procedures 47 -- 6 Ajusting for Size Differences 49 -- Avoid Sales That Differ Widely in Size -- Supported Size Adjustments -- Summary -- 7 Adjusting for Changing Market Conditions 55 -- Analyze Resales of the Same Sities -- Analyze Sales of Similar Sites at Different Times -- Indexed Time / Price Changes -- Straight Line or Exponential Rate of Change -- Summary -- 8 Using Property Listings 61 -- Benefits of Using Listings for Sale -- Compare Pattern of Sale Prices to Listing Prices-- Apply Findings to Appraised Parcel -- Summary -- 9 Handling Improved Property Sales 63 -- Land Value Extraction Method -- Summary -- 10 Paired Sales Analysis 67 -- Identify Similar Features of Sales -- Isolate a Value Influencing Difference -- Adjust Price to Reflect a Single Feature -- Apply Adjustment to Reflect Subject's Value -- Summary -- 11 Sale Units of Comparison 73 -- Density Units -- Productive Units -- Physical Units -- Summary -- 12 Accessibility Adjustments 79 -- Corner Versus Interior Sites -- Median Strips -- Speed Limit -- Traffic Volume -- Proximity of Site to Expressways -- Summary -- 13 Adjusting for Public Utilities 85 -- Influences on Site Size -- Compare Sales With and Without Utilities -- Compute Cost of Extending Utilities to Subject or Sale Parcel -- Summary -- 14 Location Adjustments for Resorts Lots 91 -- Interview Brokers, Buyers, and Sellers -- Array Lot Sales by Proximity to Amenities -- Plot Unit Price Pattern -- Apply Price Pattern to Appraised Lot -- Summary -- 15 Depth Adjustments 99 -- Earlier Depth Value Estimation Method -- Comporative Depth of Sales and Subject Parcel -- Summary -- Part III Land Valuation Assignments 105 -- 16 Sites in Mature Neighborhoods 107 -- Insufficiency of Lot Sales -- Establish Neighborhood Lot Value to Property Value Ratio -- Apply Neighborhood Ratio to Appraised Property -- Summary -- 17 Prospective Subdivisions 111 -- Create a Sound Development Plan -- Forecast a Realistic Pricing Schedule -- Forecast the Lot Absorption Rate and Price Mix -- Estimate the Staging of Land Development and Related Expenses -- Forescast Marketing and Related Expenses -- Estimate the Annual Real Estate Taxes -- Estimate Overhead and Profit Allowance -- Determine the Expected Discount Rate -- Select a Discount Rate That Reflects the Timing of Lot Sales -- Summary -- 18 Residential Waterfront Property 119 -- Driving Time Form Population Centers -- Elevation and Slope of Lot -- Beach Versus Marsh Frontage -- Beach Width -- Direction of Prevailing Winds / Shoreline Erosion -- Variance Between High and Low Water Levels -- Access From Water and Land -- Pier Construction Cost -- Valuation Techniques -- Summary -- 19 Office, Retail, and Industrial Land 143 -- Office Land -- Retail Land -- Industrial Land -- Access to Rail, Airports, Interstate Highways, Expressways, and Ports -- Freestanding Sites Versus Business Park Sites -- Industrial Land Classification -- Size and Shape of Site -- Jurisdictional Taxes -- Units of Comparison -- Reliability of the Comparable Sales Method -- Summary -- 20 Agricultural Land 143 -- Definitions -- Classifying Soil Types and Land Categories -- Comparable Sales -- Land Value by Extraction -- Income Capitalization Approach -- Capitalization Rate Selection -- Appraising Farmland in Suburbanizing Areas -- Summary -- 21 Forestland 163 -- Definitions -- Influences on Timber Value -- Highest and Best Use -- Bare Land Valuation -- Summary -- 22 Scenic Land Conservation Easements 175 -- Charitable Gift Law -- Circumstances Requiring an Appraisal -- Overvaluation Penalty -- Valuation Techniques -- Summary -- 23 Floodplains and Wetlands 185 -- Detection of Floodplains -- Appraisal of Floodplains -- Wetlands Trends and Significance -- Identification of Wetlands -- Estimating Value of Wetlands -- Cost of Mitigation -- Summary -- 24 Contaminated Sities 197 -- Appraiser's Responsibilities -- Working with Environmeneal Professionals -- Environmental Site Assessment -- Stigma -- Specifying the Problem -- Contaminated Property Market Data -- Measures of Impaired Value -- Valuation Techniques -- Summary -- 25 Eminent Domain: Partial Takings 215 -- Distinction Between Compensable and Noncompensable -- Actions -- Basis for Payment of Just Compensation -- Valuation Procedure -- Odd-Shaped Remainders -- Diminished Size and Road Frontage -- Isolated Remainders -- Land Locked Remainders -- Impaired Access -- Grade Change -- Trees and Landscaping -- Temporary Easements -- Analysis of Benefits from Public Improvements -- Trial Preparation and Testimony -- Summary -- Appendices 235 -- A Glossary 237 -- B Internet Web Site Addresses 245 -- C Maps 249 -- Federal Emergency Management Agency Map Service Center -- U.S. Department of Interior, Geological Survey -- National Oceanic and Atmospheric Administration, National Ocean Service Coast Survey -- U.S. Army Corps of Engineers -- Soil Maps in County Units -- U.S. Fish and Wildlife Service Maps, National Wetlands Inventory -- National MUIR Database Data Access -- Map Stats -- U.S. Census Bureau TIGER Mapping Service -- USGS Node of the National Geospatial Data Clearinghouse -- DeLorme -- D Aerial Photography 255 -- E Land Measurement and Conversion Tables 257 -- F Types of Soil 261 -- G Agricultural Land Values 267 -- H Property Observation Checklist 273 -- I Advisory Opinion 9 279 -- J Guide Note 8, '' The Consideration of Hazardous Substances in the Appraisal Process'' 283 -- ; List of Figures : 2.1 Land Ownership in the United States, 1992 -- 2.2 Top Male Wealthholders, 1995 -- 2.3 Top Female Wealthholders, 1995 -- 3.1 Tax Map Section Sheet -- 3.2 Topographical Map -- 3.3 Parts of a Silva Compass -- 3.4 Plotting a Course With a Compass -- 4.1 Electric Transmission Line Easement -- 4.2 Using Locke Hand Level -- 4.3 Soils Map 6.1 Size vs. Price Per Acre 7.1 Land at Market Value, USA 1988-1994 -- 11.1 Calculating Area -- 11.2 Irregular-Shaped Parcel (145) of Unknown Size -- 11.3 Irregular-Shaped Parcel (145) of Unknown Size (Divided into Geometric Units) -- 12.1 Effect of Median Strip on Customer Access to a Site -- 13.1 Garden Apartment Complex -- 14.1 Bow River, Alberta, Canada -- 14.2 Multiple View Lot-Golf Course Fairway and Mountains -- 15.1 Principle of Contribution Illustrated -- 15.2 Land Sale Prices per Front Foot -- 15.3 Land Sale Prices per Acre -- 18.1 Undeveloped Ocean Beach Frontage -- 18.2 Shoreline Migration -- 18.3 Shoreline Reshaping Process, Chesapeake Bay and Vicinity -- 18.4 Oceanfront Cottages After a Hurricane -- 18.5 Protected Creek Site -- 18.6 Water-Depth Chart -- 19.1 Suburban Office Park Building -- 20.1 Kansas Dry Crop Rent and Value -- 20.2 Acrial View of a Transitional Agricultural Area -- 21.1 Clear Cut of 44-Year-Old Pine Plantation -- 23.1 Floodplain During Summer Season -- 23.2 Flood Insurance Rate Map, City of Grand Rapids, Michigan -- 24.1 Value Estimation Model for Environmental Contamination -- 24.2 EPA Identified Environmental Problem Sites -- 25.1 Strip Taking for Street Widening Project -- 25.2 Lots With Different Frontage and Rear Dimensions -- 25.3 Proposed Right of Way Bisecting Parcel -- 25.4 Profile of Proposed Right of Way -- ; List of Tables: 2.1 Acquisition of the Original Public Domain, 1781-1867 -- 2.2 Market Value of Land in the United States -- 5.1 Highest and Best Use Analysis Via Land Residual Method -- 7.1 Land at Market Value, United States -- 10.1 Land Sales Adjustment Grid -- 16.1 Site Value-to-Property-Value Ratios for Different Classes of Real Property -- 17.1 Land Yield Survey, Mid-Year 1999 -- 17.2 Present Value of Proposed Subdivision -- 18.1 Illustrative Waterfront Value Scale -- 20.1 Estimated Average Acre Yields of Principal Crops Under Improved Management -- 20.2 Gross Farm Income and Estimated Rental Income -- 20.3 Sample Income and Expense Statement -- 20.4 Gross Cash Rent per Acre and Ratio to Value for Cropland in Selected States -- 20.5 Gross Cash Rent per Acre and Ratio to Value for Pastureland in Selected States -- 20.6 Land in Farms: By State and the United States, 1993-1997 -- 21.1 Woodland Management and Productivity -- 21.2 Calculation of Bare Land Value via DCF -- 23.1 Floodplain Comparable Land Sales Adjustment Table -- 24.1 Present Value of Proposed Subdivision -- ER -