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 --