Conservation Easement Appraisals. Applicability. Part I: Appraisal Concepts and Methods of Valuation
|
|
- Claribel Farmer
- 6 years ago
- Views:
Transcription
1 Conservation Easement Appraisals 2011 Wyoming Conservation Easement Conference June 2, 2011 Laramie, Wyoming Hunsperger & Weston, Ltd. Mark Weston 5889 Greenwood Plaza Boulevard Suite 404 Greenwood Village, CO fax Based generally on the Tax Benefits and Appraisals of Conservation Projects by Larry Kueter & Mark Weston, published by LTA in 2007, and webinars developed and presented by Mary Burke of LTA and Mr. Weston in 2010 & 2001 Applicability Requirements for appraisal of any charitable gift of appreciated property exceeding $5,000 apply equally to donation of a fee interest and conservation easement Treasury Regulations have additional, specific requirements for valuing conservation easements Part I: Appraisal Concepts and Methods of Valuation
2 Uniform Standards of Professional Appraisal Practice (USPAP) Key Definitions Appraisal The act or process of developing an opinion of value; an opinion of value Appraisal report Any communication, written or oral, of an appraisal, appraisal review or appraisal consulting service that is transmitted to the client upon completion of an assignment USPAP Competency Rule Prior to accepting an assignment, an appraiser must either: 1. Identify the appraisal assignment, and have the knowledge and experience needed to complete it competently; OR 2. Disclose lack of knowledge to client in advance, take steps to complete the appraisal competently, and describe that lack of knowledge and steps taken in the appraisal report
3 Highest and Best Use A property s highest and best use is the highest and most profitable use for which it is adaptable and needed or likely to be needed in the reasonably near future. Olson v. United States, 292 U.S. 246, 255 (1934) Highest and Best Use Criteria 1. Legally permissible 2. Physically possible 3. Financially feasible 4. Maximally productive
4 Market Value A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal. USPAP, edition Approaches to Value Cost Approach Sales Comparison Approach Income Approach Part II: IRC and Treasury Regulations Appraisal Requirements
5 Fair Market Value Defined The price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts. Treasury Regulation Section 1.170A-1(c). Internal Revenue Code & Treasury Regulations Regarding Appraisals Substantiation of value for donation of any gift of property exceeding $5,000 No deduction permitted without a qualified appraisal prepared by a qualified appraiser Treasury regs perhaps being updated and new clean version incorporating all of the above should be along any day now Until then Qualified Appraisal Made not earlier than 60 days prior to date of contribution Must include certain information on the property, easement donation, appraiser s qualifications and methods of determining value Prepared, signed and dated by a qualified appraiser Not involve a prohibited appraisal fee
6 IRS Notice : Transitional Guidance Qualified appraisal An appraisal that complies with the requirements of Treasury Regulation Section 1.170A-13(c), and is conducted by a qualified appraiser in accordance with generally accepted appraisal standards Generally accepted appraisal standards Are consistent with the substance and principals of the Uniform Standards of Professional Appraisal Practice (USPAP) Qualified Appraiser Has earned an appraisal designation from a recognized professional appraisal organization or has otherwise met minimum education and experience requirements Regularly performs appraisals and receives compensation Meets other requirements as may be prescribed by the Secretary of the Treasury Qualified Appraiser Demonstrates verifiable education and experience in valuing the type of property subject to the appraisal Not prohibited from practicing before the IRS during the prior 3 years
7 Qualified Appraiser IRS Treasury Regulations [Section 1.170A- 13(c)(3)] definition: Holds himself/herself out to be an appraiser or performs appraisals on a regular basis Is qualified to make appraisals of the type of property being valued Is not an excluded individual Understands that intentionally false overstatement of property value may result in penalty Qualified Appraiser IRS Notice : Transitional Guidance Appraisal designation from a recognized appraisal organization An appraisal designation awarded on the basis of an appraiser s demonstrated competence in valuing the type of property for which the appraisal is performed Professional appraiser organizations Appraisal Institute (AI) American Society of Farm Managers and Rural Appraisers (ASFMRA) National Association of Independent Fee Appraisers Royal Institute of Chartered Surveyors (RICS) American Society of Appraisers (ASA) Valuing Conservation Easements Comparable sales 1 st line of inquiry - In markets where there is a substantial record of sales of easements comparable to the donated easement, the value of the donated easement must be based on these sales. Normally, before and after method used
8 Valuing Conservation Easements Using Before and After Method 1. Determine market value of property without easement restrictions ( before ) Use as many of the three approaches as called for 2. Determine market value of property with easement restrictions ( after ) Use as many of the three approaches as called for treat as a new appraisal Will require different sales than what was used in Step 1 3. Subtract the after value from the before value to arrive at value of easement: Sample Before and After Analysis Value before easement $8,525,000 Value after easement $5,450,000 Value of easement Percent loss in value (this should be a result, not a technique) $3,075,000-36% Appraiser Must Determine Land & Water What division rights remain, if any Restrictions on use Improvements Existing & Future The number that can be built Any limitations on their size, height and occupancy Other Stuff such as Right of first refusal acquired by grantee Impact of management plan Amendment Issues
9 Subdivision Development Valid only when: Development is highest and best use of property Development is fairly imminent Costs of development can be identified accurately Potential sale prices of parcels can be estimated Realistic absorption rates can be supported by market evidence Percentage Loss in Value Applied to before-easement value of property Useful for local markets that do not have sales of restricted properties Must be supported with analysis of sales Special Rules ALWAYS Value entire contiguous property owned by donor & members of donor s family, before and after the easement Even if part of the property is already encumbered If the donor or a related person (members of donor s family or a donor-controlled company) owns any other property, enhancement of the other property must be addressed May call for additional before-and-after appraisals
10 Road A B C Mr. Jones owns parcel A, B and C. Parcel B and C have an integrated highest and best use. Mr. Jones conveys a conservation easement on Pcl B. What must be appraised for Treasury Regulations? What must be appraised for UASFLA ( Yellow Book )? Road A B C D D Ms. Phillips owns parcels B and C. Parcels B and C have an integrated highest and best use. Mr. Phillips (husband of Ms. Phillips) owns parcel A. Mr. Phillips Jr. (son of Mr. and Ms. Phillips) owns parcel D. Ms. Phillips conveys a conservation easement on parcel B. What must be appraised for Treasury Regulations? What must be appraised for UASFLA ( Yellow Book )? Part III: The Land Trust s Role in Reviewing Appraisals
11 S&P Practice 10B: Appraisals The land trust informs potential land or easement donors (preferably in writing) of the following: IRC appraisal requirements for a qualified appraisal prepared by a qualified appraiser for gifts of property valued at more than $5,000, including information on the timing of the appraisal; that the donor is responsible for any determination of the value of the donation; that the donor should use a qualified appraiser who follows Uniform Standards of Professional Appraisal Practice; that the land trust will request a copy of the completed appraisal; and that the land trust will not knowingly participate in projects where it has significant concerns about the tax deduction. S&P Practice 10D: Donee Responsibilities - The land trust understands and complies with its responsibilities to sign the donor s Appraisal Summary Form 8283 and to file Form 8282 regarding resale of donated property when applicable. - The land trust signs Form 8283 only if the information in Section B, Part 1, Information on Donated Property, and Part 3, Declaration of Appraiser, is complete. - If the land trust believes no gift has been made or the property has not been accurately described, it refuses to the sign the form. If the land trust has significant reservations about the value of the gift, particularly as it may impact the credibility of the land trust, it may seek additional substantiation of value or may disclose its reservations to the donor. (See Practice 5B for other gift substantiation requirements.) IRS Form 8283 Required for any charitable donation of a non-cash gift of more than $500 Land trusts should only sign when: Sections specifying value of donation complete A gift has been made (i.e., no quid pro quo exists) Property accurately described The land trust should disclose to donor in writing any significant reservations about value of the gift
12 Key Aspects of Form 8283 The instructions require that the conservation easement donor attach to Form 8283 a statement that: Identifies the conservation purposes of the donation Shows, if before and after valuation is used, the fair market value of the property before and after the gift States whether the donor made the donation in order to obtain a permit or other approval from a local or other governing authority and whether the donation was required by a contract If the donor or any related person has any interest in other property nearby, describes that interest Finding an Appraiser Other appraisers Other professionals experienced with easements Other easement donors Other land trusts, but Be careful about recommending appraisers to potential easement grantors Reviewing Appraisals 1. Institute an early warning system for landowners 2. Be prepared to enter into confidentiality agreements 3. Institute a three-tier system of appraisal review 4. Avoid being an editor
13 Identifying Deficiencies in Appraisal Reports Client and any intended users Intended use of the appraisal Identity and characteristics of real estate being appraised Real property interest appraised Definition of market value and its source Effective date of appraisal and the date of appraisal report Identifying Deficiencies in Appraisal Reports Scope of work used to develop the appraisal Information analyzed, appraisal methods and techniques employed and supportive reasoning Highest and best use of real estate being appraised Outlandish extraordinary assumptions and hypothetical conditions Signed certification Suggested Three- Tier System of Appraisal Review
14 The Good Appraisal seems generally in line with expected value of conservation easement donation and is not missing any essential elements required by IRS The (slightly) Bad Appraisal seems aggressive in its conclusion of value and/or appraisal does not adequately address key elements The Ugly Appraisal is indefensible as to its conclusion of value in light of local land values OR Land trust believes no gift has been made OR Gift described in the appraisal is not the gift received
15 Extreme Valuation Problems Value of easement looks to be greater than double the value that would have been expected Percentage reduction removes percent of the value of the property in an area where there is no significant development pressure Appraisal is based upon a subdivision development analysis that has indefensible assumptions Serious Technical Issues 1. Appraising the wrong property 2. Not valuing all interests 3. Exclusive use of the subdivision development valuation technique, when: Inadequate land use plan Poorly supported forecasts of lot sale prices Poorly supported lot absorption forecasts Poorly supported discount rates Inadequate profit allocation Serious Technical Issues (cont.) 4. Improperly appraising phased conservation easements 5. Ignoring other existing restrictions 6. Lack of familiarity with Treasury Regulations Using the wrong definition of market value Failure to state that the appraisal was prepared for the income tax purposes of the donor Easements recorded more than 60 days subsequent to the appraisal s effective date of value
16 Boltar v. Commissioner 136 T.C. No. 14 (2011) Entire deduction disallowed due to: Multiple failures and abuses in appraisal methodology Significant factual errors affecting value Accepting a grossly overvalued donation, no matter how important its conservation values, undermines land trusts reputation for honesty. Land trusts and their advisors must take care to not participate in any abusive transaction. New Resource! Appraising Conservation and Historic Preservation Easements Learn the intricacies of the appraisal process as applied to conservation and historic preservation easements. This is a must for every land trust, appraiser & lawyer To purchase: Part IV Questions & The End
New York Agricultural Land Trust
New York Agricultural Land Trust P.O. Box 121 Preble, NY 13141 www.nyalt.org New York Agricultural Land Trust Agricultural Conservation Easements and Appraisals Introduction An agricultural conservation
More informationFact Sheet for Canadian Appraisers of Conservation Gifts with Cross-Border Tax Consequences
Fact Sheet for Canadian Appraisers of Conservation Gifts with Cross-Border Tax Consequences Introduction American Friends of Canadian Land Trusts (American Friends) is a U.S. 501(c)(3) publicly supported
More informationStandard 10: Tax Benefits
2004 VERSION OF STANDARD 10 Standard 10: Tax Benefits The land trust works diligently to see that every charitable gift of land or easements meets federal and state tax law requirements. A. Tax Code Requirements.
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 informationParagraph s 8, 9, and 10 from NACVA. Letter of October 27, 2016
Paragraph s 8, 9, and 10 from NACVA Letter of October 27, 2016 Re: Comments Regarding Proposed Treasury Regulation (REG. 163113-02) (to be used also as an Outline of Topics to be Discussed at the Public
More informationQuestions to Ask of a Conservation Easement Appraiser (Before Retaining One)
As a Colorado landowner, are you thinking about donating a conservation easement to one of Colorado s certified land trusts or governmental entities? First, make sure the organization you select to hold
More informationGuide Note 6 Consideration of Hazardous Substances in the Appraisal Process
Guide Note 6 Consideration of Hazardous Substances in the Appraisal Process Introduction The consideration of environmental conditions along with social, economic, and governmental conditions is fundamental
More informationCONSERVATION EASEMENTS
CONSERVATION EASEMENTS Prepared for the Colorado Cattlemen's Agricultural Land Trust January 2007 By Lawrence R. Kueter, Esq. Isaacson, Rosenbaum, Woods & Levy, P.C. Suite 2200 633 17th Street Denver,
More informationDEPARTMENT OF THE TREASURY
DEPARTMENT OF THE TREASURY WASHINGTON OCT 3 0 2006 The Honorable Jon Kyl United States Senate Washington, DC 20510 Dear Senator Kyl: Thank you for your recent letter forwarding an inquiry from your constituent,
More informationAppraisal Review & Advisory Opinion 20 Controversy. Presenter: Lisa Kimbro, MAI, AI-GRS
Appraisal Review & Advisory Opinion 20 Controversy Presenter: Lisa Kimbro, MAI, AI-GRS Practicing appraisers know USPAP, and appraisers that complete review work know USPAP s Standard 3. But what about
More informationIMPORTANT UPDATED ADVISORY ON TAX SHELTER ABUSE INVOLVING CONSERVATION DONATIONS
IMPORTANT UPDATED ADVISORY ON TAX SHELTER ABUSE INVOLVING CONSERVATION DONATIONS All Land Trust Alliance (the Alliance ) member land trusts adopt and commit to implement Land Trust Standards and Practices
More informationProp. Reg. Section 1.170A-17(b)(2)(iii) Qualified appraisal and qualified appraiser
Prop. Reg. Section 1.170A-17(b)(2)(iii) Qualified appraisal and qualified appraiser CLICK HERE to return to the home page Effective: These proposed regulations are proposed to apply to contributions occurring
More informationDonations of Personal Property
Donations of Personal Property BENEFITS FOR ALL SANDRA TROPPER, FASA ACCREDITED SR. APPRAISER, FINE ART Personal Property Donations Presented to the National Capital Gift Planning Council Sandra Tropper,
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 informationAnatomy Of An Appraisal
Anatomy Of An Appraisal Leslie A. Fields The most important thing to know about an appraisal report is how to review and critique it. Leslie A. Fields a partner with the Law Firm of Faegre & Benson LLP,
More information619 STANDARD 2: REAL PROPERTY APPRAISAL, REPORTING
619 STANDARD 2: REAL PROPERTY APPRAISAL, REPORTING 620 In reporting the results of a real property appraisal, an appraiser must communicate each analysis, 621 opinion, and conclusion in a manner that is
More informationUSPAP Q&A USPAP Q&A Issue Date: December 19, 2017
USPAP Q&A 2018-19 USPAP Q&A Issue Date: December 19, 2017 The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, interprets, and amends the Uniform Standards of Professional Appraisal
More informationAppraisal Review for Appraiser Regulators
Appraisal Review for Appraiser Regulators Amy C. McClellan, SRA, MBA Stephen S. Wagner, MAI, SRA, AI GRS October 14, 2017 Presentation Highlights How appraisal regulators can use appraisal reviews Types
More informationSUBJECT: The Appraisal of Real Property That May Be Impacted by Environmental Contamination
1 ADVISORY OPINION 9 (AO-9) 1 2 3 4 This communication by the Appraisal Standards Board (ASB) does not establish new standards or interpret existing standards. Advisory Opinions are issued to illustrate
More informationFirst Exposure Draft of proposed changes for the edition of the Uniform Standards of Professional Appraisal Practice
TO: FROM: RE: All Interested Parties Sandra Guilfoil, Chair Appraisal Standards Board First Exposure Draft of proposed changes for the 2012-13 edition of the Uniform Standards of Professional Appraisal
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 informationGuide Note 15 Assumptions and Hypothetical Conditions
Guide Note 15 Assumptions and Hypothetical Conditions Introduction Appraisal and review opinions are often premised on certain stated conditions. These include assumptions (general, and special or extraordinary)
More informationTRENDS IN QUALIFIED CONSERVATION EASEMENTS. By: Melinda M. Beck, Esq.
TRENDS IN QUALIFIED CONSERVATION EASEMENTS By: Melinda M. Beck, Esq. What is a Conservation Easement? An easement interest granted by a landowner to a land trust or governmental entity that voluntarily
More informationILLINOIS HOUSING DEVELOPMENT AUTHORITY APPRAISAL SCOPE AND GUIDELINES December 2015
ILLINOIS HOUSING DEVELOPMENT AUTHORITY APPRAISAL SCOPE AND GUIDELINES December 2015 As part of the Common Application for Multifamily Financing, the Illinois Housing Development Authority (IHDA) requires
More informationUNDERSTANDING HOW USPAP APPLIES TO REAL PROPERTY APPRAISAL PRACTICE USPAP Matrix
UNDERSTANDING HOW USPAP APPLIES TO REAL PROPERTY APPRAISAL PRACTICE - 2014-2015 USPAP Matrix This matrix assumes an Appraisal Report Format under S. R. 2-2(a). *Last updated 9/11/14* GENERAL Violation
More informationPart 1. Estimating Land Value Using a Land Residual Technique Based on Discounted Cash Flow Analysis
Table of Contents Overview... v Seminar Schedule... ix SECTION 1 Part 1. Estimating Land Value Using a Land Residual Technique Based on Discounted Cash Flow Analysis Preview Part 1... 1 Land Residual Technique...
More informationDEALING WITH APPRAISERS AND OTHER EXPERTS:
DEALING WITH APPRAISERS AND OTHER EXPERTS: Challenges In Professionalism, Ethics and Related Issues Charles N. Pursley, Jr., Esquire Pursley Lowery Meeks LLP 260 Peachtree Street, Suite 2000 Atlanta, Georgia
More informationDIRECTIVE # This Directive Supersedes Directive # and #92-003
Division Of Property Valuation Docking State Office Building 915 SW Harrison St., Room 400N Topeka, KS 66612-1588 Nick Jordan, Secretary David N. Harper, Director phone: 785-296-2365 fax: 785-296-2320
More informationPROPERTY APPRAISAL PROCEDURES. Budget, Finance & Audit Committee March 3, 2014
PROPERTY APPRAISAL PROCEDURES Budget, Finance & Audit Committee March 3, 2014 Purpose Provide overview of: City s procedures and requirements for real property appraisals Difference between City s appraisal
More informationInteragency Appraisal and
Interagency Appraisal and Evaluation (IAEG) Workshop Purpose (77456) Supersedes the 1994 Interagency Appraisal & Evaluation Guidelines Address supervisory matters relating to real estate appraisal and
More informationFirst Exposure Draft of proposed changes for the edition of the Uniform Standards of Professional Appraisal Practice
TO: FROM: RE: All Interested Parties J. Carl Schultz, Jr., Chair Appraisal Standards Board First Exposure Draft of proposed changes for the 2014-15 edition of the Uniform Standards of Professional Appraisal
More informationThe Rocky Mountain Land Use Institute
The Rocky Mountain Land Use Institute 16 th Annual Conference Recent Developments in Land Conservation March 9, 2007 Presented by: Lawrence R. Kueter, Esq. Isaacson Rosenbaum P.C. 633 17 th Street, Suite
More informationSecond Exposure Draft of proposed changes for the edition of the Uniform Standards of Professional Appraisal Practice
TO: FROM: RE: All Interested Parties Sandra Guilfoil, Chair Appraisal Standards Board Second Exposure Draft of proposed changes for the 2012-13 edition of the Uniform Standards of Professional Appraisal
More informationReal Estate Appraisal Professional Standards
Real Estate Appraisal Professional Standards Summary This proposal is to amend the Florida Administrative Code (FAC) to allow a Certified Residential Appraiser or a Certified General Appraiser to use standards
More informationASA MTS CANDIDATE REPORT REVIEW CHECKLIST INSTRUCTIONS (Effective as of January 01, 2018) Basic Report Requirements and General Report Quality
ASA MTS CANDIDATE REPORT REVIEW CHECKLIST INSTRUCTIONS (Effective as of January 01, 2018) Basic Report Requirements and General Report Quality This checklist was designed to be a useful resource tool by
More informationWhat is Fair Market Value in the Timber Industry?
What is Fair Market Value in the Timber Industry? Roger Lord Principal Mason, Bruce & Girard www.masonbruce.com Presented at 2014 OSCPA Forest Products Conference June 27, 2014 Eugene, Oregon Natural Natural
More informationPresented by Appraisal Institute Canada & Appraisal Institute
VALUATION BEYOND BORDERS 2017 INTERNATIONAL CONFERENCE Presented by Appraisal Institute Canada & Appraisal Institute 1 LITIGATION SUPPORT REVIEW CASE Subject s Basic Factors: Community: Vital, growing
More informationGuide to Appraisal Reports
Guide to Appraisal Reports What is an appraisal? An appraisal is an independent valuation of real property prepared by a qualified Appraiser and fully documented in a report. Based on a series of appraisal
More informationAPPRAISAL REVIEW REPORT
APPRAISAL REVIEW REPORT REVIEW OF APPRAISALS BY BECCARIA & WEBER, INC. RE: BUENA VISTA MOBILE HOME PARK PALO AL TO, CALIFORNIA REVIEWED BY JAMES BRABANT, MAI PREPARED FOR Law Foundation of Silicon Valley,
More informationPage 1 of 5 STANDARD 3: APPRAISAL REVIEW, DEVELOPMENT AND REPORTING In performing an appraisal review, an appraiser acting as a reviewer must develop and report a credible opinion as to the quality of
More informationRestricted Use Appraisal Report Residential
Client File #: Appraisal File #: Restricted Use Appraisal Report Residential Appraisal Company: Address: Form 200.04* Phone: Fax: Website: Appraiser: Co-Appraiser: AI Membership (if any): SRA MAI SRPA
More informationMARKET VALUE BASIS OF VALUATION
4.2 INTERNATIONAL VALUATION STANDARDS 1 MARKET VALUE BASIS OF VALUATION This Standard should be read in the context of the background material and implementation guidance contained in General Valuation
More informationResidential Evaluation Report (RER) April, 2016
Residential Evaluation Report (RER) ensuring compliance with the Interagency Guidelines (IAG) and USPAP April, 2016 Definitions RER shall mean a Residential Evaluation Report and is deemed to be a restricted
More informationRestricted Use Appraisal Report Residential
Client File #: Appraisal File #: Restricted Use Appraisal Report Residential Form 200.04 * Appraiser: AI Membership (if any): SRA MAI SRPA AI Affiliation (if any): Candidate for Designation Practicing
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 informationAvoiding Common Errors in Appraisals for Financial
Avoiding Common Errors in Appraisals for Financial Institutions Panelists: Brian Bailey, CCIM, Senior Financial Analyst Commercial Real Estate, Federal Reserve Bank of Atlanta James Murrett, MAI, Director
More informationCommunities on Course. Land Use
ID-231 Communities on Course Land Use Conservation Easements in Indiana Gerald A. Harrison, Agricultural Economics, Purdue University Jesse J. Richardson, Jr., Urban Affairs and Planning, Virginia Tech
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 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 informationOctober 1, Mr. Wayne Miller, Chair Appraiser Qualifications Board The Appraisal Foundation th Street, NW, Suite 1111 Washington, DC 20005
October 1, 2015 Mr. Wayne Miller, Chair Appraiser Qualifications Board The Appraisal Foundation 1155 15th Street, NW, Suite 1111 Washington, DC 20005 Dear Mr. Miller, I am honored to have the opportunity
More informationDepartment of Energy
Department of Energy Bonneville Power Administration P.O. Box 3621 Portland, Oregon 97208-3621 ENVIRONMENT, FISH AND WILDLIFE February 5, 2010 In reply refer to: KEW-4 Dear Fish and Wildlife Project Sponsor:
More informationHosted by: Berkeley County and Jefferson Farmland Protection Boards and Land Trust of the Eastern Panhandle February 27, Bowles Rice LLP
Hosted by: Berkeley County and Jefferson Farmland Protection Boards and Land Trust of the Eastern Panhandle February 27, 2016 2016 Bowles Rice LLP Conservation Easements, Taxes, and Estate Planning Presented
More informationWhat/Who Determines that an Appraiser is Qualified in our Program?
What/Who Determines that an Appraiser is Qualified in our Program? Mike Jones, SR/WA, Maryland Certified General Appraiser Realty Specialist, FHWA Office of Real Estate Services Is it becoming tougher
More informationPRINCIPLES OF VALUATION
PRINCIPLES OF VALUATION AMCHAM 20 th November 2018 Who am I and why am I giving this talk? Chartered Surveyor Real Estate degree 2 years working experience APC examination Qualified member of Royal Institution
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 informationDETERMINING AGENCY VALUE PART 2
DETERMINING AGENCY VALUE PART 2 NORMALIZING THE INCOME STATEMENT By: Chuck Coyne, ASA This month we continue our discussion of how to determine an agency s value. Last month we briefly discussed some of
More informationIndustrial and Commercial Real Estate Appraisal Procedures
Property Valuation Thought Leadership Industrial and Commercial Real Estate Appraisal Procedures John C. Ramirez The application of the asset-based approach to business valuation often involves the appraisal
More informationREQUEST FOR PROPOSAL (RFP) RFP AS. Appraisal Services Valuation of DBHA Properties
REQUEST FOR PROPOSAL (RFP) RFP 2019-01AS Appraisal Services Valuation of DBHA Properties Daytona Beach Housing Authority (DBHA) 211 N Ridgewood Ave Suite 300 Daytona Beach, FL 32114 (386) 253-5653 Terril
More informationSecond Exposure Draft of Proposed Changes for the Edition of the Uniform Standards of Professional Appraisal Practice
TO: FROM: RE: All Interested Parties Margaret Hambleton, Chair Appraisal Standards Board Second Exposure Draft of Proposed Changes for the 2018-19 Edition of the Uniform Standards of Professional Appraisal
More informationUniform Residential Appraisal Report (URAR) Model Appraisal
Basic Appraisal Procedures Residential Applications & Model Appraisals 15-13 Uniform Residential Appraisal Report (URAR) Model Appraisal On the following pages are examples of a completed Fannie Mae/Freddie
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 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 informationCONSERVATION EASEMENTS FREQUENTLY ASKED QUESTIONS
CONSERVATION EASEMENTS FREQUENTLY ASKED QUESTIONS CCALT Founder and Steamboat rancher, Jay Fetcher notes, You shouldn t even be considering a conservation easement unless two things have happened: (1)
More informationBUSINESS VALUATIONS: FUNDAMENTALS, TECHNIQUES AND THEORY (FT&T) CHAPTER 1
Fundamentals, Techniques & Theory INTRODUCTION TO BUSINESS VALUATION BUSINESS VALUATIONS: FUNDAMENTALS, TECHNIQUES AND THEORY (FT&T) CHAPTER 1 REVIEW QUESTIONS 1995 2013 by National Association of Certified
More informationCommon Errors and Issues in Review
Common Errors and Issues in Review February 1, 2018 Copyright 2018 Appraisal Institute. All rights reserved. Printed in the United States of America. No part of this publication may be reproduced, stored
More informationRevuPro Appraisal Review
RevuPro Appraisal Review Getting It Right ELLIOTT introduces its flagship review product RevuPro, as an independent appraisal review service. Q. What is it and what does it do? A. RevuPro is a fast, economical
More informationMODEL CONSERVATION RESTRICTION AMENDMENT POLICY GUIDELINES Massachusetts Easement Defense Subcommittee March 6, 2007 PREAMBLE
MODEL CONSERVATION RESTRICTION AMENDMENT POLICY GUIDELINES Massachusetts Easement Defense Subcommittee March 6, 2007 PREAMBLE Because conservation restrictions are an important tool for permanently protecting
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 informationUS TAX COURT ges US TAX COURT. RECEIVED % efiled JUN * JUN :47 PM
US TAX COURT ges US TAX COURT CLC RECEIVED % efiled JUN 24 2011 * JUN 24 2011 06:47 PM UNITED STATES TAX COURT ERNEST & BARBARA KAFKA, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Re spondent. ) )
More informationWALLER COUNTY APPRAISAL DISTRICT MASS APPRAISAL REPORT APPRAISAL YEAR 2018
WALLER COUNTY APPRAISAL DISTRICT MASS APPRAISAL REPORT APPRAISAL YEAR 2018 ADDENDUM TO WCAD REAPPRAISAL PLAN FOR 2017 AND 2018 WALLER COUNTY APPRAISAL DISTRICT Uniform Standards of Professional Appraisal
More informationChapter 3 Business Valuation Report
CHAPTER 3: BUSINESS VALUATION REPORT Chapter 3 Business Valuation Report A1. Pre-IPO Valuation Need Company Restructuring and Financing It is not unusual that companies undergo series of restructuring
More informationSecond Exposure Draft of proposed changes for the edition of the Uniform Standards of Professional Appraisal Practice
TO: FROM: RE: All Interested Parties Barry J. Shea, Chair Appraisal Standards Board Second Exposure Draft of proposed changes for the 2016-17 edition of the Uniform Standards of Professional Appraisal
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 informationFiling a property assessment complaint and preparing for your hearing. Alberta Municipal Affairs
Filing a property assessment complaint and preparing for your hearing Alberta Municipal Affairs Alberta s Municipal Government Act, the 2018 Matters Relating to Assessment Complaints Regulation, and the
More informationThe Internal Revenue Service and Treasury Turn Up the Enforcement Heat on Abusive Tax-related Appraisals and Those Who Prepare Them
The Internal Revenue Service and Treasury Turn Up the Enforcement Heat on Abusive Tax-related Appraisals and Those Who Prepare Them By Jay Fishman, FASA, Bruce Bingham, ASA, and Peter Barash The Internal
More information2. Is the information in the contract section complete and accurate? Yes No Not Applicable If Yes, provide a brief summary.
The purpose of this appraisal field review report is to provide the lender/client with an opinion on the accuracy of the appraisal report under review. Property Address City State Zip Code Borrower Owner
More informationGOVERNANCE OF ASSESSOR
GOVERNANCE OF ASSESSOR State of NH Constitution NH State Statutes (RSA) State Supreme Court Case Law NH Assessing Standard Board Rules NH Department of Revenue Rules Professional Code of Conduct (USPAP)
More informationCRN Presentation Review
CRN Presentation Review Collateral Risk Network June 18, 2013 Scott Sparks VP, Consumer Chief Real Estate Appraiser Fifth Third Bank Greg Stephens SVP, Appraisal Operations and Compliance Metro-West Appraisal
More informationValuation Report. Property Address. Prepared by. Surveyors Name Trafford Surveyors Ltd. On behalf of: Clients Name
Valuation Report On Prepared by Surveyors Name Trafford Surveyors Ltd On behalf of: Clients Name CONTENTS Instruction...2 Basis of Valuation... 2 Executive Summary... 3 Location (Appendix 2 Location Plan)...
More informationUniform Standards of Professional Appraisal Practice Business Valuation 7 Hour Course
Uniform Standards of Professional Appraisal Practice Business Valuation 7 Hour Course Carla G Glass, FASA Jay E Fishman, FASA Introduction USPAP Introduction Definitions Preamble Rules Standards 9 and
More informationTaxes and Land Preservation Computing the Capital Gains Tax
Fact Sheet 780 Taxes and Land Preservation Computing the Capital Gains Tax Many farmers have their wealth tied up in their land and would like to convert some of this land value into cash. Others want
More informationFrequently Asked Questions
1 Frequently Asked Questions What is a conservation easement? Conservation easements are voluntary, perpetual agreements, custom-crafted to meet the specific needs of the landowner, that limit the amount
More informationTitle 32: PROFESSIONS AND OCCUPATIONS
Title 32: PROFESSIONS AND OCCUPATIONS Chapter 124: REAL ESTATE APPRAISAL LICENSING AND CERTIFICATION Table of Contents Subchapter 1. GENERAL PROVISIONS... 3 Section 14001. SHORT TITLE... 3 Section 14002.
More informationUSOPF REAL ESTATE ACCEPTANCE POLICY
USOPF REAL ESTATE ACCEPTANCE POLICY The United States Olympic and Paralympic Foundation ( USOPF ) is a not-for-profit organization under the laws of the State of Colorado organized to encourage, solicit
More informationHIGHEST & BEST USE CHALLENGES AND SUPPORTING ADJUSTMENTS 6/11/2018 KEN MROZEK, MAI, SRA, ASA HIGHEST AND BEST USE CHALLENGES AND
HIGHEST & BEST USE CHALLENGES AND SUPPORTING ADJUSTMENTS KEN MROZEK, MAI, SRA, ASA KEN MROZEK, MAI, SRA, ASA Appraiser for 15 years Commercial and Residential Appraisals Partner and President of ARC Appraisals
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 informationTHE FLORIDA STATE UNIVERSITY REAL ESTATE FOUNDATION
THE FLORIDA STATE UNIVERSITY REAL ESTATE FOUNDATION PROCEDURES FOR THE ADMINISTRATION OF GIFTS OF REAL PROPERTY Adopted: 04/10/2018 (Adopted Section 6 of University Gift Acceptance and Counting Policies
More informationMarla L. Britton, SR/WA Senior Associate SRF Consulting Group, Inc.
USPAP Marla L. Britton, SR/WA Senior Associate SRF Consulting Group, Inc. WHAT DOES USPAP STAND FOR? United States Patent Application Publication United States Property Appraiser Protocol Uniform Standards
More informationOHIO DEPARTMENT OF TRANSPORTATION OFFICE OF REAL ESTATE
OHIO DEPARTMENT OF TRANSPORTATION OFFICE OF REAL ESTATE DATE: April 3, 2017 TO: FROM: RE: Users of the Real Estate Manual Jared Miller, Manager Appraisal Unit Changes and Updates to the Real Estate Manual
More informationPINECREST ACADEMY OF NEVADA
NOTICE OF PUBLIC MEETING of the Board of Directors of PINECREST ACADEMY OF NEVADA tice is hereby given that the Board of Directors of Pinecrest Academy of Nevada, a public charter school, will conduct
More informationThis is not a reciprocal license application. (Type or Print in Ink)
Page 1 Mississippi Appraisal Board LeFleur s Bluff Tower, Suite 300 4780 I-55 North, Jackson, Mississippi 39211 OR Post Office Box 12685 Jackson, Mississippi 39236-2685 Phone ~ (601) 321-6970 * Fax ~ (601)
More informationFYI For Your Information
TAXPAYER SERVICE DIVISION FYI For Your Information Gross Conservation Easement Credit OVERVIEW An income tax credit is available for tax years beginning on or after January 1, 2000, for the donation of
More informationAcquisition IOWA 2015 CDBG MANAGEMENT GUIDE APPENDIX 2 PAGE: 79
Acquisition IOWA 2015 CDBG MANAGEMENT GUIDE APPENDIX 2 PAGE: 79 WHEN A PUBLIC AGENCY ACQUIRES YOUR PROPERTY Introduction U.S. Department of Housing And Urban Development Office of Community Planning and
More informationChapter 1: Appraisal Terminology. While USPAP does not define the term competency, it does contain a COMPETENCY RULE.
- 22 - Chapter 1: Appraisal Terminology Competency While USPAP does not define the term competency, it does contain a COMPETENCY RULE. The COMPETENCY RULE states that in all cases, the appraiser must perform
More informationLand, Agricultural Improvements, CAFO, Rural Residence, Farm
*--FSA Appraisal Guidelines Land, Agricultural Improvements, CAFO, Rural Residence, Farm The following information elements and content descriptions are provided as guidelines to assist lenders and appraisers
More informationInteragency. Appraisal and Evaluation. Guidelines
Interagency Appraisal and Evaluation Guidelines (December 2, 2010) Interagency Appraisal and Evaluation Guidelines Table of Contents I. Purpose..............................................................
More informationTopics to be Covered
CONSERVATION EASEMENTS Presented by Claire Fiegener, Greenbelt Land Trust Topics to be Covered What is a conservation easement? What is a land trust and how do they relate to conservation easements? What
More informationREQUEST FOR PROPOSAL FOR. Appraisal Services. Office of the Special Deputy Receiver
REQUEST FOR PROPOSAL FOR Appraisal Services Office of the Special Deputy Receiver October 1, 2008 REQUEST FOR PROPOSAL ( RFP ) Appraisal Services BACKGROUND The Office of the Special Deputy Receiver (OSD),
More informationUSPAP Update & The Difficult and Unusual RW Appraisal Assignments
USPAP Update & The Difficult and Unusual RW Appraisal Assignments Presented by Michael C. McCall, MAI Chief Appraiser, VDOT April 15, 2013 USPAP Update On November 30 th, 2012, the Appraisal Standards
More informationCivil Case No. 08-cv LTB-KLM (Consolidated w/08-cv ltb-klm; 08-cv LTB-KLM; and 08-cv LTB-KLM)
Civil Case No. 08-cv-00055-LTB-KLM (Consolidated w/08-cv-00056-ltb-klm; 08-cv-00473-LTB-KLM; and 08-cv-00474-LTB-KLM) RCL PROPERTIES, INC., KOZAD PROPERTIES, LTD., GLENHILLS RANCH, LTD., AMY HILL KOZELSKY,
More information