BIGGS APPRAISAL. Value Trends in The Rail Fleet Southeast Association of Rail Shippers March 27, 2013
|
|
- Todd Thompson
- 5 years ago
- Views:
Transcription
1 BIGGS APPRAISAL Value Trends in The Rail Fleet Southeast Association of Rail Shippers March 27, 2013
2 Objectives of this Presentation Who is this Biggs Guy? Biggs Appraisal Your Expectations in an appraisal Freight Car Life Issues Current look at the market for various rail car types
3 Biggs Family in Railroad Industry Since the 1850 s
4 Ed Biggs Helped start the Kankakee Beaverville and Southern RR in 1977 a 26 mile shortline. He was the mechanical department and engineer. Various positions at Maryland and Delaware RR, Bay Colony RR and Seminole Gulf Ry. Directed operations at three rail equipment lessors, XTRA Inc, Chrysler Rail and Railcar Ltd. Senior Rail Equipment Appraiser for Norman Seip and Associates.
5 Biggs Appraisal Business focus: Inspection of freight cars, locomotives, maintenance of way equipment, passenger cars and railcar movers. Appraisal of value of rail equipment. Remarketing of Rail Equipment. Rail Equipment related consulting and research services.
6 The Uniform Standards of Appraisal Practices (USPAP) are the guide lines for all appraisers.
7 A Few General Points on Value You as a consumer should expect a clear understandable and credible appraisal of value of the subject equipment. I would like to give you a small refresher on how an appraiser values equipment. There are three recognized approaches to value, Market, Cost and Income. An appraiser is obligated to consider all three approaches to value.
8 Market Approach Market Approach: The market approach also called the Sales Comparison Approach, indicate value by analyzing recent sales (or offerings) of property that are similar (i.e. comparable) to the subject property. If the comparables are not exactly like the properties being appraised, the selling prices of the comparables are adjusted to equate them to the characteristics of the properties being appraised.
9 Cost Approach Using the cost approach the appraiser starts with the current replacement cost new of the property being appraised and then deducts for the loss of value caused by the physical deterioration, functional obsolescence, and economic obsolescence. The logic behind the cost approach is the principle of substitution: a prudent buyer will not pay more for a property than the cost of acquiring a substitute property of equivalent utility.
10 Income Approach The value of a property can be estimated by its expected future benefits to its owner. Note: The income approach is not widely used by Machinery and Equipment appraisers: the reasons given include the difficulty in determining income that can be directly related to a specific asset, the concerns of income forecasts and the multitude of variables involved in this valuation approach.
11 Fair Market Value Fair Market Value is the cash price obtainable, in an arm s length sale transaction between an informed, ready and willing purchaser (other than a used equipment dealer or scrap dealer) under no compulsion to purchase; and an informed, ready and willing seller, being under no compulsion to sell.
12 Orderly Liquidation Value Orderly Liquidation Value is the estimated gross amount, expressed in terms of cash that could be typically realized from a liquidation sale given a reasonable period of time to find a purchaser (or purchasers), with seller being compelled to sell on an as-is, where is basis, as of a specific date.
13 Normal Useful Life Most financial transactions centered on General Service freight cars are based upon a Normal Useful Life of between 28 and 36 years depending on the service the cars are used in. Certain cars might have a much shorter Normal Useful Life as in the case of Eastern Style steel hoppers. These cars generally require a rebody between years.
14 Having a Second Life. It is quite possible that Freight cars can now have an almost equal number of years of Interchange Service or a Second Life up to 65 years.
15 Extended Life Status Cars built after June 30, 1974 have a 50 year life. Cars built between July 1, 1968 and June 30, 1974 can attain 50 year life by meeting extended life rules. Railcar owners found that many active cars in their fleet had already had the big ticket upgrades made and it was very cost effective to extend the life of active cars. Most Life extensions occur just before cars reach their 40 year birthday.
16 A very important provision of the ILS rule The 65 year rule only covers the car body and not the running gear. That is where Rule 90 of the Field manual comes in Cars and or car parts Prohibited in Interchange. The big ticket items that cannot exceed 50 years are the truck bolsters and side frames.
17 If you re taking the long view on your cars life you will want to replace the bolsters and side frames with either new or reconditioned side frames that are at least 15 years newer than your car.
18 Where are we Today on Rail Car Values If you look at the AAR Supplied cars in Storage numbers of 20.4% or 311,739 cars stored as of March 1, You might think that there are plenty of free and available cars. That is just not the case. The majority of cars stored are either owned by a user or leased and not available. Available cars in the market in many cases require considerable, repair, modification of upgrades to be suitable for service. Quality cars of most types are scarce.
19 Values of Freight Cars Current value is tied to demand for commodities the cars carry. Move on the railroad is to higher capacity 286,000 Pound Gross Rail Load Cars with freight rates a tipping point. While I believe the values presented are representative of what may be realized they cannot be guaranteed.
20 Commodity Trends 2013 vs 2012 Based on the First 10 Weeks of 2013 with Average weekly carloads Chemicals down 3.3%, 29,675 Coal down 2.6%, 110,053 Farm and Food Products up 1.1%, 16,694 Forest Products down 3%, 10,954 Grain down 16.5%, 18,011 Metallic Ores and Metals down 8.4%, 23,393 Motor Vehicles and Parts up 6.2%, 15,431 Petroleum up 46.5%, 13,300 Source Association of American Railroads
21 Grain Type Covered Hoppers 4750 CF late 1970 s to early 1980 s range $17,000 to $22,000 cars in very good condition could be higher CF Mid 1990 s range $35,000 to $40,000. Soft Exports of Grain and Drought related lower crop production have masked a potential shortage of cars
22 Plastic Pellet C214 Covered Hoppers Mid 1970 s to Early 1980 s CF Range from $19,000 to $23,000 with values trending up as supply is tight. Mid 1990 s CF $32,000 to $40,000. Assumes cars in good condition with a lining that is in good condition suitable for loading.
23 Open Top Hoppers H350 Type Mid 1970 s to Early 1980 s 3200 to 3800 CF Range from $15,000 to $20,000 Mid 1990 s 3200 to 3800 CF $28,000 to $34,000. This car type is referred to as an Eastern Coal Hopper. Steel body cars in Eastern coal show the effects of corrosion in thin side and slope sheets, thin door pans and cracks in chutes.
24 Mill Gondolas 1970 s to early 1980 s with 5 sides range $17,000 to $25,000 cars in very good condition could be higher. Mid 1990 s with 5 ½ to 6 range $35,000 to $40,000.
25 Tank Cars Demand for crude oil tank cars has pushed up pricing on all new tank cars. New tank car production is booked into mid Limited ability to produce other tank cars will cause pent up demand past Existing tank cars of all types have increased in value.
26 General Service Type T104 12,000 to 18,000 Gallon Capacity 1980 s Vintage $17,000 to $27,000 depending on gallon capacity. Larger cars in higher demand. Mid 1990 s 16,000 to 18,000 gallon capacity $38,000 to $45,000. Mid 2000 s 16,000 to 18,000 gallon capacity $59,000 to $67,000.
27 Buyer Beware Higher velocities on railroads mean that even late model cars can have high wheel and truck wear. Inspection of used rail cars prior to purchase is a good way to avoid problems. Cars that come into the market during periods of tight car supply may have issues that are costly to cure.
28 Biggs Appraisal Subjects of Value Spring 2013 Issue of Subjects of Value Newsletter. Articles geared to rail industry, equipment, value and subjects regarding topics that may impact value. If you find these Subjects of Value you should be on the mailing list. Newsletter
Cornerstone 2 Basic Valuation of Machinery and Equipment
INSTITUTE FOR PROFESSIONALS IN TAXATION PERSONAL PROPERTY TAX SCHOOL Cornerstone 2 Basic Valuation of Machinery and Equipment Learning Objectives At the end of this section, the learner will be able to:
More informationAppraisal Analysis. Presented by R. Lee Robinette, ASA
Appraisal Analysis Presented by R. Lee Robinette, ASA OR Use of Material This and all accompanying slides contain materials which are the property of the Investment Recovery Association, 638 West 39th
More informationChapter 6: Auto and RV Dealership Asset Valuation (Equipment)
Chapter 6: Auto and RV Dealership Asset Valuation (Equipment) Knowing how much the dealership s furniture, fixtures and equipment are worth will determine the amount of goodwill that is being paid as part
More informationBUSI 452 Case Studies in Appraisal II
BUSI 452 Case Studies in Appraisal II PURPOSE AND SCOPE The Case Studies in Appraisal II course (BUSI 452) is a continuation of BUSI 442. This course is intended to introduce further practical applications
More informationRefinery Valuation & Litigation Issues: Past, Present, and Future
Refinery Valuation & Litigation Issues: Past, Present, and Future 2010 Texas Oil & Gas Association Property Tax Representatives Annual Conference Hyatt Regency San Antonio, Texas February 24, 2010 Agenda
More informationTHE M&TS JOURNAL. The Journal of the International Machinery & Technical Specialties Committee of the American Society of Appraisers
The Journal of the International Machinery & Technical Specialties Committee of the American Society of Appraisers Volume 29, Issue 1, Winter 2013 $35.00 ASA Members, MTS Discipline $50.00 ASA Members,
More informationRight of Use Lease Accounting
Click to edit Master title style Right of Use Lease Accounting A Data-driven Future RICHARD KLOSTER SWARS FALL MEETING, DALLAS, TX SEPTEMBER 2018 1101 W. 31st St. Suite 200 Downers Grove IL 60515 630.325.9977
More informationSpecial Purpose Properties. Special Valuation Considerations
Special Purpose Properties Special Valuation Considerations 2017 Case Study in Ottawa: New Automobile Dealership Many brand-specific specialties Cost: $4,000,000 (including land and a developer fee) Sales
More informationUNITED STATES DISTRICT COURT EASTERN DISTRICT OF CALIFORNIA
Case 1:16-cv-00344-LJO-JLT Document 162 Filed 01/30/17 Page 1 of 14 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 LAW OFFICES Allen Matkins Leck Gamble Mallory & Natsis LLP
More informationSUMMER VILLAGE OF YELLOWSTONE ACCOUNTING FOR TANGIBLE CAPITAL ASSETS CLASSIFICATION/CAPITALIZATION THRESHOLD/AMORTIZATION POLICY NO.
RESPONSIBILITY: C.A.O. APPROVED BY COUNCIL: DATE: September 16, 2009 PURPOSE: The objective of this policy is to prescribe the accounting treatment for tangible capital assets so that users of the financial
More informationSales Associate Course
Sales Associate Course Chapter Sixteen Appraisal 1 2 Appraiser Specific amount Impartial (non biased) Defendable Estimate (Opinion) of value Fee based on time and difficulty Must follow Uniform Standards
More informationPROMOTIONAL LITERATURE MACHINERY & EQUIPMENT VALUATION & CONSULTING SERVICES
Valuation and Consulting Specialists PROMOTIONAL LITERATURE MACHINERY & EQUIPMENT VALUATION & CONSULTING SERVICES Page 2 of 7 Description of Business KATS M & E, LLC is a professional multi disciplinary
More informationAcross-the-Fence Value and Hostage Occupancy Agreements
Across-the-Fence Value and Hostage Occupancy Agreements EUCI Conference: Electric Transmission Projects San Diego, California September 19, 2016 John T. Schmick Shenehon Company 2 What is the goal of valuation
More informationHow to Read a Real Estate Appraisal Report
How to Read a Real Estate Appraisal Report Much of the private, corporate and public wealth of the world consists of real estate. The magnitude of this fundamental resource creates a need for informed
More informationIntroduction. Market Value Assessment in Saskatchewan Handbook. Introduction
Market Value Assessment in Saskatchewan Handbook Saskatchewan Assessment Management Agency 2012 This document is a derivative work based upon a handbook entitled the "Market Value and Mass Appraisal for
More informationASSESSMENT METHODOLOGY
2018 ASSESSMENT METHODOLOGY COST APPROACH A summary of the methods used by the City of Edmonton in determining the value of residential and non-residential properties valued using the cost approach in
More informationPolicy Title ACCOUNTING FOR TANGIBLE CAPITAL ASSETS
Department Administration ACCOUNTING FOR TANGIBLE CAPITAL ASSETS Date: October 13, 2011 1 of 6 Resolution No. C/627/11 Policy Statement: This policy prescribes the accounting treatment for tangible capital
More informationAccounting for Tangible Capital Assets
Accounting for Tangible Capital Assets Date Approved by Board: 2011.11.17 Resolution No.: 11-113 2016.05.19 16-048 Lead Role: CFO Replaces: N/A Last Review Date: N/A Next Review Date: 2019.05.19 Policy
More informationDepreciation and Depletion
Principles Depreciation and Depletion Prof.Sherif Sabry Spring 2009 1 Depreciation and Depletion Lecture outline Concept of depreciation What depreciation is not for Depreciation methods Asset impairment
More informationA Demonstration Appraisal Report. Of a. Located at. Date of Appraisal. Prepared for. Prepared by
A Demonstration Appraisal Report Of a Located at Date of Appraisal Prepared for Prepared by International Association of Assessing Officers Professional Designation Subcommittee 314 West 10 th Street Kansas
More informationState of Mexicali Ad Valorem Taxation of Property Statutes, Rules and Regulations
STATUTES CODE OF MEXICALI OF 2000, TITLE 50 REVENUE AND TAXATION, CHAPTER 7 AD VALOREM TAXATION OF PROPERTY Sec. 50-7-1. Legislative intent The intent and purpose of the tax laws of this state are to have
More informationTHE APPRAISAL OF REAL ESTATE 3 RD CANADIAN EDITION BUSI 330
THE APPRAISAL OF REAL ESTATE 3 RD CANADIAN EDITION BUSI 330 REVIEW NOTES by CHUCK DUNN CHAPTER 17 Copyright 2010 by the Real Estate Division and Chuck Dunn. All rights reserved CHAPTER 17- THE COST APPROACH
More informationQ. How is Agricultural property valued? A. GENERAL INFORMATION Many states have laws regarding the preferential assessment of agricultural land.
Q. How is Agricultural property valued? A. GENERAL INFORMATION Many states have laws regarding the preferential assessment of agricultural land. This means that farm and ranch assessments are usually based
More informationReal Estate Appraisal
Market Value Chapter 17 Real Estate Appraisal This presentation includes materials from Ling and Archer, 4 th edition, Real Estate Principles The highest price a property will bring if: Payment is made
More informationWilliam & Mary Law School Scholarship Repository
College of William & Mary Law School William & Mary Law School Scholarship Repository William & Mary Annual Tax Conference Conferences, Events, and Lectures 1971 Leasing Arrangements Lawrence P. Roesen
More informationPrepared by: Alex Socratous For My High School Students
Prepared by: Alex Socratous For My High School Students CHAPTER 2 CAPITAL ASSETS DEPRECIATION CAPITAL ASSETS Capital assets are long-lived assets that are used in the operations of a business and are not
More informationFunctional and Physical Obsolescence in Property Tax Strategies for Reducing Real and Business Personal Property Valuations
Presenting a live 110 minute teleconference with interactive Q&A Functional and Physical Obsolescence in Property Tax Strategies for Reducing Real and Business Personal Property Valuations THURSDAY, APRIL
More informationREAL ESTATE RENOVATION DECISIONS BASED ON COST APPROACH APPRAISING PRINCIPLES Real estate renovation decisions
REAL ESTATE RENOVATION DECISIONS BASED ON COST APPROACH APPRAISING PRINCIPLES Real estate renovation decisions I. PŠUNDER University of Maribor, Faculty of Civil Engineering, Maribor, Slovenia Durability
More informationDale Lattz Farmdoc Research Associate at the University of Illinois College of ACES
Dale Lattz Farmdoc Research Associate at the University of Illinois College of ACES Outlook for Illinois Land Prices and Cash Rents Evolving Dynamics Dale Lattz University of Illinois dlattz@illinois.edu
More informationSAMA Presenters: Steve Suchan Todd Treslan February 1, 2015
SAMA Presenters: Steve Suchan Todd Treslan February 1, 2015 Presentation Overview Part 1 - Steve SAMA Who we are and what we do Assessment legislation and principles Valuation standards (Regulated, non-regulated)
More information3 things about Livingstone s Guide to Business Valuation
Book Information 3 things about Livingstone s Guide to Business Valuation 1. Designed to provide an introduction for students not experienced with the subject 2. Also serves as a refresher for those familiar
More informationBusiness Valuation More Art Than Science
Business Valuation More Art Than Science One of the more difficult aspects of business planning is business valuation. It is also one of the more important aspects. While owners of closely held businesses
More informationChapter 4: Accounting for Depreciation
Chapter 4: The Concept of 4.1 The Concept of Depreciable assets are physical objects that retain their size and shape but that eventually wear out or become obsolete. They are not physically consumed,
More informationDate: 15/01/30 Page: 1
Formulas, Rules and Principles Subject: General Document Number 1.1.1 Summary This section describes how this Manual is to be used for the 2017 revaluation (January 1, 2017 to December 31, 2020). Regulated
More informationLand / Site Valuation A Basic Review. Leslie G. Pruitt Certified General Appraiser
Land / Site Valuation A Basic Review Leslie G. Pruitt Certified General Appraiser Whose is the land, it is to the sky and the depth Whose is the land, it is to the sky and the depth This ancient maxim
More informationAlways Accurate, Always on Time
Always Accurate, Always on Time U.S. Small Business Administration (SBA) Recent Changes to Standards of Operating Procedures (SOP) Qualified Appraiser and Remaining Economic Life June, 2015 Retail Petroleum
More informationGENERAL ASSESSMENT DEFINITIONS
21st Century Appraisals, Inc. GENERAL ASSESSMENT DEFINITIONS Ad Valorem tax. A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of exemptions, use-value assessment laws, and
More informationACC100 Introduction to Accounting
ACC100 Introduction to Accounting Week 7 Non-Current Assets: Acquisition and Depreciation Chapter 14 Non-Current Assets: Acquisition and depreciation Study Group Australia Pty Limited, SGA1286-F2/10/12
More information2016 Association of Accredited Small Business Consultants. All rights reserved.
BUSINESS VALUATION 2016 Association of Accredited Small Business Consultants. All rights reserved. This information is furnished with the understanding that the publisher is not engaged in rendering legal,
More informationA Demonstration Appraisal Report. Of a. Located at. Date of Appraisal. Prepared for. Prepared by
A Demonstration Appraisal Report Of a Located at Date of Appraisal Prepared for Prepared by International Association of Assessing Officers Professional Designation Subcommittee 314 W. 10 th Street Kansas
More informationCalifornia Real Estate License Exam Prep: Unlocking the DRE Salesperson and Broker Exam 4th Edition
California Real Estate License Exam Prep: Unlocking the DRE Salesperson and Broker Exam 4th Edition ANSWER SHEET INSTRUCTIONS: The exam consists of multiple choice questions. Multiple choice questions
More informationASA s 7 th Annual Equipment Valuation Conference. Cost Approach and Sales Comparison Approach: A Closer Look at Depreciation
ASA s 7 th Annual Equipment Valuation Conference Cost Approach and Sales Comparison Approach: A Closer Look at Depreciation Background Information Rick Wilichowski Managing Director, Machinery & Equipment
More informationDEFINITION FROM THE DICTIONARY OF REAL ESTATE APPRAISAL, 6 TH ED. SPECIAL PURPOSE
DEFINITION FROM THE DICTIONARY OF REAL ESTATE APPRAISAL, 6 TH ED. SPECIAL PURPOSE SPECIAL-PURPOSE PROPERTY. A PROPERTY WITH A UNIQUE PHYSICAL DESIGN, SPECIAL CONSTRUCTION MATERIALS, OR A LAYOUT THAT PARTICULARLY
More informationVALUE FINDING APPRAISAL REPORT
RE 90 Rev. 01-2014 VALUE FINDING APPRAISAL REPORT (Compensation not to exceed $65,000) COUNTY John Doe 2880 Lancaster-Newark Rd. (SR 37), Pleasant Twp., 43030 Owner Mailing Address of Owner East side of
More informationPOLICY PROCEDURE. The words and phrases listed below when used in this policy shall have the following meanings ascribed to them:
Policy No. B.3.04. Page 1 of 16 LEGISLATION POLICY 1. The financial statements of the Manitoulin-Sudbury DSB are prepared in accordance with accounting principles established by the Public Sector Accounting
More informationSwisher County Appraisal District 2017 Mass Appraisal Report
Swisher County Appraisal District 2017 Mass Appraisal Report Prepared Pursuant to Standard 6 of the Uniform Standards of Professional Appraisal Practice 1 TABLE OF CONTENTS Introduction 3 Listing of Taxing
More informationProperty Tax Oversight Bulletin: PTO FLORIDA DEPARTMENT OF REVENUE PROPERTY TAX INFORMATIONAL BULLETIN
Property Tax Oversight Bulletin: PTO 08-02 To: Property Appraisers From: James McAdams Date: March 18, 2008 Bulletin: PTO 08-02 FLORIDA DEPARTMENT OF REVENUE PROPERTY TAX INFORMATIONAL BULLETIN [NOTE:
More informationWHITE PAPER. New Lease Accounting Rules
WHITE PAPER New Lease Accounting Rules WHITE PAPER Introduction New lease accounting rules (FASB Topic 842) will be required for all public companies beginning in 2019. The primary goal of the new standard
More informationBUSI 330 Suggested Answers to Review and Discussion Questions: Lesson 10
BUSI 330 Suggested Answers to Review and Discussion Questions: Lesson 10 1. The client should give you a copy of their income and expense statements for the last 3 years showing their rental income by
More informationBasic Appraisal Procedures
Hondros Learning Basic Appraisal Procedures Timed Outline Topic Area Reference(s) Learning Objectives The student will be able to identify and/or apply: Teaching Method Time Segment (Minutes) Day 1 Chapter
More informationChapter 35. The Appraiser's Sales Comparison Approach INTRODUCTION
Chapter 35 The Appraiser's Sales Comparison Approach INTRODUCTION The most commonly used appraisal technique is the sales comparison approach. The fundamental concept underlying this approach is that market
More informationUS Views on Valuation Methodology
US Views on Valuation Methodology Trevor R. Ellis, FAusIMM, CPG, CMA, CGA Mineral Property Valuer Ellis International Services, Inc. Denver, Colorado USA President American Institute of Minerals Appraisers
More informationTOWN OF LINCOLN COUNCIL POLICY
Page 1 of 10 PURPOSE The purpose of this policy is to prescribe the accounting treatment for tangible capital assets so that users of the financial report can discern information about the investment in
More informationStaff Analysis and Economic Impact Statement
Staff Analysis and Economic Impact Statement Measure: SR 13 REFERENCE: ACTION: Sponsor: Subject: Finance and Tax Committee Just Valuation of Property 1. FTC 2. TBRC Favorable Pre-meeting Date: March 13,
More informationPlant design and economics (8)
Plant design and economics (8) Zahra Maghsoud ٢ DEPRECIATION (Ch. 9 Peters and Timmerhaus ) The reduction in value due to physical deterioration, technological advances, economic changes, or other factors
More informationVALUATION REPORT MILL STREET CAR PARK, MILL STREET, KIRKHAM PR4 2AG
VALUATION REPORT MILL STREET CAR PARK, MILL STREET, KIRKHAM PR4 2AG Purpose of Valuation Asset valuation possible disposal purposes at a valuation date of 10 October 2016. Location The property is situated
More information2. The, and Act, also known as FIRREA, requires that states set standards for all appraisers.
CHAPTER 4 SHORT-ANSWER QUESTIONS 1. An appraisal is an or of value. 2. The, and Act, also known as FIRREA, requires that states set standards for all appraisers. 3. Value in real estate is the "present
More informationTable of Contents. Chapter 1: Introduction (Mobile Technology Evolution) 1
Chapter 1: Introduction (Mobile Technology Evolution) 1 I. WHY APPRAISAL IS IMPORTANT (p. 3) II. DEFINITION OF APPRAISAL (p. 4) A. Opinion (p. 4) B. Value (p. 5) C. Appraisal Art or Science? (p. 5) D.
More informationHypothetical Condition. USPAP defines an Extraordinary Assumption as:
- 40 - Chapter 1: Appraisal Terminology USPAP defines an Extraordinary Assumption as: EXTRAORDINARY ASSUMPTION: an assumption, directly related to a specific assignment, as of the effective date of the
More informationMODULE 7-A: APPRAISALS, BPOS AND USPAP
MODULE 7-A: APPRAISALS, BPOS AND USPAP LEARNING OBJECTIVES One of the most challenging aspects of the real estate business is the development of prices or values of the rights to real estate. Buyers and
More informationCo-Sponsored By: Person, Whitworth, Borchers and Morales, LLP
Co-Sponsored By: Person, Whitworth, Borchers and Morales, LLP "Profitable Mineral Management" BREAKFAST SERIES for Surface and Mineral Owners Admission by Invitation Only DATE: April 17, 2018 TOPIC: LOCATION:
More informationBusiness Valuations in the Planned Giving Context
Business Valuations in the Planned Giving Context 38 th Annual Minnesota Planned Giving Conference November 4, 2014 Presented by: Richard C. Berning, CPA/ABV/CFF, CBA, CVA, ABAR, CMA Copyright 2014: Berning
More informationChapter 11 Depreciation. Depreciations: Straight Line Sum of Years Digits Declining Balance
Chapter 11 Depreciation Depreciations: Straight Line Sum of Years Digits Declining Balance 1 Depreciation is important because it affects the taxes that firms pay. The taxable income is (Income expenses).
More informationGrain Elevator. Market Value Assessment in Saskatchewan Handbook. Grain Elevator Valuation Guide
Market Value Assessment in Saskatchewan Handbook Grain Elevator Saskatchewan Assessment Management Agency 2012 This document is a derivative work based upon a handbook entitled the "Market Value and Mass
More informationIndex of Examples. Chapter 1 Letter of Transmittal Chapter 2 General Assumptions and Limiting Conditions... 19
Index of Examples Chapter 1 Letter of Transmittal... 1 Example 1A Detailed Letter of Transmittal... 2 Example 1B Detailed Letter of Transmittal with Risk Factors and Assumptions... 6 Example 1C Brief Letter
More informationInternational Valuation Standards Board 15 Feb Moorgate London EC2R 6PP United Kingdom
International Valuation Standards Board 15 Feb 2013 41 Moorgate London EC2R 6PP United Kingdom Email: commentletters@ivsc.org The Finnish Association for Real Estate Valuation appreciates the opportunity
More informationToday I will discuss operating and financial leases and show an example that compares leasing versus purchasing a small tractor.
Today I will discuss operating and financial leases and show an example that compares leasing versus purchasing a small tractor. 1 An operating lease offers an alternative for acquiring the use of machinery
More informationEstimating Commercial Land-Use Conversion: Case Study of Athens-Clarke County, Georgia
Estimating Commercial Land-Use Conversion: Case Study of Athens-Clarke County, Georgia Arthur C. Nelson, PhD, FAICP Presidential Professor and Director of Metropolitan Research University of Utah Grace
More informationAppraising Water Rights Factors Affecting Value. Patricia K. Flood, P.E., Certified General Appraiser Wright Water Engineers, Inc.
Appraising Water Rights Factors Affecting Value Patricia K. Flood, P.E., Certified General Appraiser Wright Water Engineers, Inc. December 8, 2011 Water Rights Valuation Water Rights Engineering Hydrology
More informationImplications of Alternative Farm Tractor Depreciation Methods 1. Troy J. Dumler, Robert O. Burton, Jr., and Terry L. Kastens 2
Implications of Alternative Farm Tractor Depreciation Methods 1 Troy J. Dumler, Robert O. Burton, Jr., and Terry L. Kastens 2 1 Selected paper at the annual meeting of the American Agricultural Economics
More informationVALUATION REPORT IN RESPECT OF PARK FIRST GLASGOW AIRPORT 2 WEST MARSH ROAD BURNSIDE RENFREWSHIRE PA3 1BF
VALUATION REPORT IN RESPECT OF PARK FIRST GLASGOW AIRPORT 2 WEST MARSH ROAD BURNSIDE RENFREWSHIRE PA3 1BF Prepared by: AJP Surveyors Ltd Piccadilly House 49 Piccadilly Manchester M1 2AP on 3 September
More informationPMD DRIVER RELOCATION KIT For Chevy 6.5L Diesel Trucks
19 June 2009 PMD Driver Relocation Kit (P/N# 1036520) - 1 - PMD DRIVER RELOCATION KIT For 1994-2000 Chevy 6.5L Diesel Trucks Part# 1036520 -- Installation Instructions -- PLEASE READ ALL INSTRUCTIONS CAREFULLY
More informationUniversity of Nizwa / Dept. of Architecture / ARCH 506: Building Specification & Estimation / VALUATION / Ravishankar. KR / 5, January 2011.
Property Valuation Building Estimation and Costing Building Estimation and Costing Building Estimation and Costing is a vital part of Civil Engineering. No project can begin without the total Building
More informationFILE: EFFECTIVE DATE: May 15, 2013 AMENDMENT: 1
APPROVED AMENDMENTS: Effective Date Briefing Note /Approval Summary of Changes: June 1, 2011 BN 175892 Policy and Procedure update to reflect reorganization of resource ministries April 2011 May 15, 2013
More informationValuation and the Real Estate Market; a new paradigm for a new decade
Valuation and the Real Estate Market; a new paradigm for a new decade Nick French Professor in Real Estate & DTZ Fellow in Commercial Property Department of Real Estate & Construction Oxford Brookes University
More informationIN THE OREGON TAX COURT MAGISTRATE DIVISION Property Tax ) ) ) ) ) ) ) ) ) ) ) )
IN THE OREGON TAX COURT MAGISTRATE DIVISION Property Tax WATUMULL PROPERTIES CORP.; MICRO SYSTEMS ENGINEERING INC.; BIOTRONIK, INC.; and MICROSYSTEMS ENGINEERING, v. Plaintiffs, CLACKAMAS COUNTY ASSESSOR,
More informationChapter 13. The Market Approach to Value
Chapter 13 The Market Approach to Value 11/22/2005 FIN4777 - Special Topics in Real Estate - Professor Rui Yao 1 Introduction Definition: An approach to estimating market value of a subject property by
More information2011 ASSESSMENT RATIO REPORT
2011 Ratio Report SECTION I OVERVIEW 2011 ASSESSMENT RATIO REPORT The Department of Assessments and Taxation appraises real property for the purposes of property taxation. Properties are valued using
More informationRE: Request for Comments on the Exposure Draft The Valuation of Forests dated November 16, 2012
200 W. Madison St. T 312-335-4100 Suite 1500 F 312-335-4400 Chicago, IL 60606 www.appraisalinstitute.org Mr. Steven J. Sherman, Chairman Standards Board International Valuation Standards Council 41 Moorgate
More informationBUSI 330 Suggested Answers to Review and Discussion Questions: Lesson 1
BUSI 330 Suggested Answers to Review and Discussion Questions: Lesson 1 1. The three characteristics necessary to gain professional recognition are: Integrity, Competence, and Provide Quality Work. Students
More informationAG-AMERICA COMMERCIAL FARM AND RANCH COLLATERAL VALUATION GUIDE
AG-AMERICA COMMERCIAL FARM AND RANCH COLLATERAL VALUATION GUIDE Table of Contents CHAPTER CV101 COLLATERAL VALUATION STANDARDS AND GUIDES... 1 CV101.1 Overview... 1 General Guidance on Terms:... 1 CHAPTER
More informationMETHODOLOGY GUIDE VALUING LANDS IN TRANSITION IN ONTARIO. Valuation Date: January 1, 2016
METHODOLOGY GUIDE VALUING LANDS IN TRANSITION IN ONTARIO Valuation Date: January 1, 2016 August 2017 August 22, 2017 The Municipal Property Assessment Corporation (MPAC) is responsible for accurately assessing
More informationMisconceptions about Across-the-Fence Methodology
Misconceptions about Across-the-Fence Methodology BY JOHN SCHMICK Across-the-fence methodology (ATF) is an appraisal tool frequently used in valuation assignments where the subject is part of railroad
More information73 rd MAAO Educational Conference June 18 th 21 st 2013
73 rd MAAO Educational Conference June 18 th 21 st 2013 Hilton Garden Inn, Kent Island 3206 Main Street, Grasonville, MD 21638 Tuesday, June 18, 2013 5:00 pm 6:00 pm Registration 6:00 pm 9:00 pm SESSION
More informationConceptualizing Fair Market Value in Compensation Arrangements
Conceptualizing Fair Market Value in Compensation Arrangements Health Care Compliance Association Physician Practice Compliance Conference San Francisco, California September 9, 2005 Gregory D. Anderson,
More informationPurchase Price Allocations ASC 805 Business Combinations
Purchase Price Allocations Introduction Mergers, acquisitions, and other business transactions have numerous accounting and tax implications. Buyers generally identify and report the fair values of the
More information2017 Reappraisal Preliminary Report. February 6, 2017
2017 Reappraisal Preliminary Report February 6, 2017 Reappraisal is required at least every 8 years per NCGS105-286 Last reappraisal was conducted for 2011 Reappraisal includes both land and improvements.
More informationASSESSMENT METHODOLOGY
2019 ASSESSMENT METHODOLOGY COMMERCIAL RETAIL AND OFFICE CONDOMINIUMS A summary of the methods used by the City of Edmonton in determining the value of commercial retail and office condominium properties
More informationDepreciation Analysis Guide
Market Value Assessment in Saskatchewan Handbook Depreciation Analysis Guide Saskatchewan Assessment Management Agency 2012 This document is a derivative work based upon a handbook entitled the "Market
More informationThe High Performance Appraisal Process Unveiled By Sandra K. Adomatis, SRA, LEED Green Associate
The High Performance Appraisal Process Unveiled By Sandra K. Adomatis, SRA, LEED Green Associate Email: Adomatis@Hotmail.com Twitter: https://twitter.com/sadomatis Web: www.adomatisappraisalservice.com
More informationInternational Association of Consultants, Valuators and Analysts 707 Eglinton Avenue West, Suite 501 Toronto, Ontario M5N 1C8, Canada
International Association of Consultants, Valuators and Analysts 707 Eglinton Avenue West, Suite 501 Toronto, Ontario M5N 1C8, Canada 31 May 2011 International Valuation Standards Council 41 Moorgate London
More informationBUSI 398 Residential Property Guided Case Study
BUSI 398 Residential Property Guided Case Study PURPOSE AND SCOPE The Residential Property Guided Case Study course BUSI 398 is intended to give the real estate appraisal student a working knowledge of
More informationLITIGATING IN A MASS APPRAISAL ENVIRONMENT
11 th Mass Appraisal Valuation Symposium Innovation, Transformation, Knowledge Enhancement and Improved Efficiencies in Mass Appraisal Niagara Falls, Canada May 17-18, 2016 LITIGATING IN A MASS APPRAISAL
More informationPreface Who Should Read This Book 3 Organization and Content 4 Acknowledgments 5 Contacting the Author 5 About the Author 6
Preface.................................................................... 3 Who Should Read This Book 3 Organization and Content 4 Acknowledgments 5 Contacting the Author 5 About the Author 6...........................................................
More informationWYOMING DEPARTMENT OF REVENUE CHAPTER 7 PROPERTY TAX VALUATION METHODOLOGY AND ASSESSMENT (DEPARTMENT ASSESSMENTS)
CHAPTER 7 PROPERTY TAX VALUATION METHODOLOGY AND ASSESSMENT (DEPARTMENT ASSESSMENTS) Section 1. Authority. These Rules are promulgated under the authority of W.S. 39-11-102(b). Section 2. Purpose of Rules.
More informationSelling The Obsolescence Argument From the Appraiser s Prospective
Selling The Obsolescence Argument From the Appraiser s Prospective John Ray Director American Appraisal Associates, Inc. Dallas, Texas (214) 459-6408 johnray@american-appraisal.com An independent third-party
More informationBroker. Sales Comparison, Cost Depreciation and Income Approaches. Chapter 7. Copyright Gold Coast Schools 1
Broker Chapter 7 Sales Comparison, Cost Depreciation and Income Approaches 1 Learning Objectives Describe the assumptions underlying the sales comparison approach Calculate the various adjustments necessary
More informationValuation of Wind Farms: Just a Breeze?
Valuation of Wind Farms: Just a Breeze? Clayton T. Baumann, PE, CCP, ASA and Jack T. Kolo Introduction Wind farm development in the U.S. has grown significantly over the past two decades, fueled by federal
More informationMinnesota. Appraisal Licensing. See weekend course offerings. to get your appraiser license! Your Complete Appraisal Licensing Solution.
Get Started Today >> 2016 Minnesota Appraisal See weekend course offerings to get your appraiser license! Your Complete Appraisal Solution. Introduction Interested in an Appraisal Career? Kaplan has a
More information2018 SCCAI RESIDENTIAL SYMPOSIUM USPAP OF THE FUTURE. Paula Konikoff, JD, MAI, AI GRS
USPAP OF THE FUTURE Paula Konikoff, JD, MAI, AI GRS WHERE WE ARE NOW 2 Joint task force for Improvement of USPAP Appraisal Institute and Appraisal Foundation develop USPAP Optimization Concept 3 When unnecessary
More information