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Publisher Description

ABSTRACT Appraisers recognize that the overall capitalization rate must satisfy the market return requirements of all investment positions when using direct capitalization techniques. A common practice in the unitary method of property assessment valuation is to modify the income stream for operating leases without similarly adjusting the capitalization rate. This article argues that a corresponding adjustment to the capitalization rate must accompany the income adjustment to ensure the resulting market value estimate is unaffected by this procedural deviation and to preclude gross overvaluation resulting in payment of excess property taxes.

GENRE
Business & Personal Finance
RELEASED
2007
March 22
LANGUAGE
EN
English
LENGTH
26
Pages
PUBLISHER
The Appraisal Institute
SIZE
264.2
KB

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