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- Title
Minnesota's Rejection of Heightened Standard for External Obsolescence Is Proper Interpretation of The Appraisal of Real Estate.
- Authors
WILDES, MATTHEW J.
- Abstract
Most practitioners use The Appraisal of Real Estate (Appraisal Institute 2013a) in valuing real estate. In applying external obsolescence as a depreciation for real estate under the cost approach, court systems have found different interpretations of The Appraisal of Real Estate. Examples of these differences exist in Arizona, which requires a higher standard of proof, and Minnesota, which interprets The Appraisal of Real Estate to not require such an elevated level of proof. Minnesota adopted a just standard because it conforms with the proper interpretation of The Appraisal of Real Estate, the intent of the Appraisal Institute, the practice of experts, and general fairness.
- Subjects
REAL property; PROPERTY tax; VALUATION of real property; DEPRECIATION laws; TAX assessment
- Publication
Journal of Property Tax Assessment & Administration, 2018, Vol 15, Issue 1, p69
- ISSN
1357-1419
- Publication type
Article