Appraisal Resources
| Appraisal Resources Contact: Chip Kraus (517) 335-9755 | |
**Independant Fee Appraisers must possess the appropriate license and be able to prove their qualifications when completing appraisals for projects with State and Federal funding. Contact AERO if there is a question regarding appraiser licensing or qualifications. ***All appraisals must comply with USPAP and be consistent with the MDOT appraisal requirements. If federal funds are used to acquire property then appraisals must also comply with Uniform Appraisal Standards for Federal Land Acquisitions . Search for Appraisers in Michigan ** All appraisers should be familiar with existing laws and regulations impacting properties in the vicinity of an airport (such as the AERONAUTICS CODE , Title 14:Part 77 , Title 14: Part 91 , Michigan Tall Structure Act , and Airport Approach Plans ) to determine if there are any existing restrictions on properties in the project area. APPRAISERS SHOULD CONSIDER APPROACH PROTECTION PLANS TO DETERMINE CURRENT AND FUTURE IMPACTS ON ZONING (and any corresponding impacts on value) FOR PROPERTIES SURROUNDING LICENSED PUBLIC USE AIRPORTS. Appraisers can request a copy of the Exhibit "A" property map to identify parcels with existing avigation easement encumbrances. BEFORE AND AFTER APPRAISALS ARE REQUIRED TO BE COMPLETED FOR AVIGATION EASEMENTS UNLESS "the easement acquisition will not affect the remainder land or improvements (e.g. approach easement over agricultural land) " . IN THESE INSTANCES, "the appraiser may apply a "part taken" approach citing their supported finding that the easement conveyance and use has no affect on remainder property". IN MOST INSTANCES APPRAISERS SHOULD BE INSTRUCTED TO VALUE THE AIR RIGHTS ACQUIRED AND THE RIGHT TO CUT OR REMOVE TREES (e.g. trees should be treated as real estate and NOT as fixtures unless the trees are grown for a business such as a tree farm).
***Unless market data support can be found, an appraiser should never rely on a percentage or formula adjustment to reach a valuation conclusion by the use of averages, median, or means produced by the sum of available data. Without market data the use of formulas are inaccurate and outside the realm of real estate appraisal principle and theory. The use of formulas suggest a loss in value without considering highest and best use and often substitute appraisal judgment for damages that cannot be justified by market actions and influences. An accurate estimate of value will rely on the individual appraiser's knowledge of market influences and sales data. The validity of an appraisal report is determined through sound market research and a logical explanation and correlation of the information the market provides.
FAA Order 5100.37B - see Chapter 2 FAA - 5100.17 Chapter 2 (Real Property Appraisal)
Uniform Appraisal Standards for Federal Land Acquisitions Legal Basis for Appraisal Standards for Federal Land Acquisitions USPAP - Uniform Standards of Professional Appraisal Practice
SEE CONSULTANT SELECTION RESOURCES FOR APPRAISER LISTS AND INFORMATION RELATED TO APPRAISAL CONSULTANTS. PLEASE NOTE: SEPARATE LEGAL DESCRIPTIONS, EXHIBIT "X" DRAWINGS, AND APPRAISALS NEED TO BE PREPARED IF A PROPERTY IS IMPACTED BY BOTH EASEMENT TYPES (inside the RPZ and outside the RPZ). Go to FORMS AND CLAUSES for FAA recommended appraisal related forms. |