Book Description

Special appraisal techniques and legal rules applied in valuing special purpose properties, such as schools, churches, cemeteries, parks, utilities, etc., are discussed. The usual method of measuring just compensation is market value. Because special purpose properties are rarely sold, some courts refuse to apply the market value measured to such properties. Value is then expressed in terms of intrinsic value, value for special uses or purposes, value to the owner, or similar terms, all of which reflect value that the owner, as distinguished from others, may see in the property. 3 usual appraisal approaches are the market data, reproduction cost, and income approaches.