Recommended Appraisal Report Format for Partial Acquisitions

2.3.1 Introduction

(2.3.1.1) Title Page
(2.3.1.2) Transmittal Letter
(2.3.1.3) Table of Contents
(2.3.1.4) Appraiser’s Certification
(2.3.1.5) Executive Summary
(2.3.1.6) Photographs
(2.3.1.7) Statement of Assumptions and Limiting Conditions
(2.3.1.8) Description of Scope of Work

2.3.2 Factual Data – Before Acquisition

(2.3.2.1) Legal Description
(2.3.2.2) Area, City, and Neighborhood Data
(2.3.2.3) Property Data

(2.3.2.3.1) Site
(2.3.2.3.2) Improvements
(2.3.2.3.3) Fixtures
(2.3.2.3.4) Use History
(2.3.2.3.5) Sales History
(2.3.2.3.6) Rental History
(2.3.2.3.7) Assessed Value and Annual Tax Load
(2.3.2.3.8) Zoning and Other Land Use Regulations

2.3.3 Data Analysis and Conclusions – Before Acquisition

(2.3.3.1) Highest and Best Use

(2.3.3.1.1) Four Tests
(2.3.3.1.2) Larger Parcel

(2.3.3.2) Land Valuation

(2.3.3.2.1) Sales Comparison Approach
(2.3.3.2.2) Subdivision Development Method

(2.3.3.3) Cost Approach
(2.3.3.4) Sales Comparison Approach
(2.3.3.5) Income Capitalization Approach
(2.3.3.6) Reconciliation and Final Opinion of Market Value – Before Acquisition

Factual Data – After Acquisition

(2.3.4.1) Legal Description
(2.3.4.2) Neighborhood Factors
(2.3.4.3) Property Data

(2.3.4.3.1) Site
(2.3.4.3.2) Improvements
(2.3.4.3.3) Fixtures
(2.3.4.3.4) History
(2.3.4.3.5) Assessed Value and Tax Load
(2.3.4.3.6) Zoning and Other Land Use Regulations

2.3.5 Data Analysis and Conclusions – After Acquisition

(2.3.5.1) Analysis of Highest and Best Use
(2.3.5.2) Land Valuation
(2.3.5.3) Cost Approach
(2.3.5.4) Sales Comparison Approach
(2.3.5.5) Income Capitalization Approach
(2.3.5.6) Reconciliation and Final Opinion of Value – After Acquisition

2.3.6 Acquisition Analysis

(2.3.6.1) Recapitulation
(2.3.6.2) Allocation and Damages
(2.3.6.3) Special Benefits

2.3.7 Exhibits and Addenda

Location Map
Comparable Data Maps
Details of Comparable Sales and Rental Data
Plot Plan
Floor Plan
Title Evidence Report
Other Pertinent Exhibits
Qualifications of the Appraiser