Land Type " & " to go back a slide Type " # " - - PowerPoint PPT Presentation

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Land Type " & " to go back a slide Type " # " - - PowerPoint PPT Presentation

Dec 17, 2023 215 likes •1.39k views

? & # During the Session Type " ? " in Chat for a Question Land Type " & " to go back a slide Type " # " to see the math Description Please mute phone systems to limit background noise and Valuation

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During the Session Type "?" in Chat for a Question Type "&" to go back a slide Type "#" to see the math

Please mute phone systems to limit background noise

Land Description and Valuation

Nevada Department of Taxation

Division of Local Government Services ? & #

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Land Description & Valuation

Type "?" for question; "&" to go back slide; "#" to see the math

Land Valuation Site Analysis Land Description Systems Cadastral Maps

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Page 3

Real Estate vs Real Property

Real Estate: Physical land and everything permanently attached to it. Real Property: Sum of the tangible and intangible rights in land and improvements.

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Page 4

Legal Definition of Land

“Land” The surface of the earth and including an inverted pyramid to the center

  • f the earth and up into the sky.
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Definition of Land NAC

NAC 361.1141 “Land” defined. (NRS 360.090, 360.250) “Land” means that portion of real property which includes:

  • 1. The surface of the earth, together with the air space

above that surface and everything under that surface to the apex at the center of the earth;

  • 2. Any natural resource in its natural state

attached to the land, including, without limitation, mineral deposits, timber, water and soil; and

  • 3. Any rights, interests, benefits and

privileges belonging or attached to the land.

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Page 6

Land vs Site

Land: Land can be unimproved or “raw” land or have improvements to it so it is ready for development. Site: Land that has been developed such that it is ready to be built on.

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Land Description & Valuation

Type "?" for question; "&" to go back slide; "#" to see the math

Land Valuation Site Analysis Land Description Systems

Cadastral Maps

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What type of system is essential to the initial task of discovering real property?

Mapping

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Cadastral Maps

Field Inspections

Public Information

Planning Type "?" for question; "&" to go back slide; "#" to see the math Definition of CADASTRE : an official register of the quantity, value, and ownership of real estate used in apportioning taxes (Merriam-Webster online)

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Cadastral Maps Parcel Maps

Type "?" for question; "&" to go back slide; "#" to see the math

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Cadastral Maps Parcel Maps

Type "?" for question; "&" to go back slide; "#" to see the math

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Cadastral Maps - Parcel Maps

Type "?" for question; "&" to go back slide; "#" to see the math

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Cadastral Maps Parcel Maps

Type "?" for question; "&" to go back slide; "#" to see the math 011-010- 13

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Cadastral Maps Parcel Maps

Type "?" for question; "&" to go back slide; "#" to see the math

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Page 15

Cadastral Maps

Type "?" for question; "&" to go back slide; "#" to see the math

Aerial Map Orthophotograph

  • Geometrically Corrected so scale is uniform

Planimetric

  • Shows manmade and naturally occurring aspect of land

without topography

Topographic

  • Planimetric or orthophotographic map with contour lines
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Cadastral Maps

Type "?" for question; "&" to go back slide; "#" to see the math

Flood Maps Zoning Maps Land Use Tax Districts

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Cadastral Maps Parcel Maps (GIS)

Type "?" for question; "&" to go back slide; "#" to see the math

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Page 18

Land Identification & Valuation

Type "?" for question; "&" to go back slide; "#" to see the math

Land Valuation Site Analysis Land Description Systems Cadastral Maps

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Page 19

Land Description Systems

Metes and Bounds Rectangular Land Survey System Lot and Block

Type "?" for question; "&" to go back slide; "#" to see the math

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Metes and Bounds

Metes & Bounds

Distances (feet on ground)

Roads, highways

Rivers, lakes, mountains

“Bounds” Boundaries “Metes” Measurements

Direction (Surveyor’s compass)

Type "?" for question; "&" to go back slide; "#" to see the math

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Metes and Bounds

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  • Earliest form of legal description
  • Metes and bounds legal descriptions

always start at a Point of Beginning

  • POB may be by reference to a

Monument or Marker

  • The outside boundary of the land

area is then described using directions (compass bearings) and distances (feet), ending at the POB

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Metes and Bounds

Type "?" for question; "&" to go back slide; "#" to see the math

  • Directions based on

surveyor’s compass

  • Similar directions used

in Rectangular (Government) Survey System

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Metes and Bounds - Example

Type "?" for question; "&" to go back slide; "#" to see the math

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Land Description Systems

Metes and Bounds Rectangular Land Surveys Lot and Block Survey

Type "?" for question; "&" to go back slide; "#" to see the math

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Rectangular Land Survey

Type "?" for question; "&" to go back slide; "#" to see the math

Principal Meridian Base Line Townships and Ranges Sections

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Rectangular Land Survey

Type "?" for question; "&" to go back slide; "#" to see the math

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Rectangular Land Survey

Type "?" for question; "&" to go back slide; "#" to see the math

Principal Meridian and Baseline

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Rectangular Land Survey

Type "?" for question; "&" to go back slide; "#" to see the math

Mount Diablo Base Line and Meridian (MDM)

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Rectangular Land Survey

Type "?" for question; "&" to go back slide; "#" to see the math

Townships and Ranges

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Page 30 6 miles 6 miles

6 miles square

  • r

36 square miles

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Rectangular Land Survey

Type "?" for question; "&" to go back slide; "#" to see the math

Township and Sections

Townships are divided into 36 sections with each section being 1 mile square Sections are numbered starting in the NE corner and ending in the SE corner

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Page 32 Type "?" for question; "&" to go back slide; "#" to see the math

Sections

1 mile = 5,280 feet 1 mile = 5,280 feet

1 mile square

  • r

1 square mile

640 Acres

1 acre = 43,560 square feet

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Page 33 Type "?" for question; "&" to go back slide; "#" to see the math

Sections & ¼ Sections

1 mile = 5,280 feet 1 mile = 5,280 feet

640 Acres

1 acre = 43,560 square feet

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If areas that are part of the legal description cross over ¼ section lines:

  • each piece is described separately with an

“and the” in between the two descriptions

  • larger area described first

Sections & ¼ Sections

  • acreage is calculated for each

area and then added together for total acreage

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Page 35

Half Sections:

  • rectangular shape and always the first

term of the legal description

  • occur when adjacent ¼ sections within a

¼ section are part of the legal description.

½ Sections

  • only has one direction call as

part of the term either N or S

  • r E or W
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To calculate acres:

  • start with 640 acres (section)
  • divide by the denominator of each of the

terms

¼ (& ½) Sections Calculating Acreage

  • make sure to account for each

term but only once

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Example: W ½ NW ¼ SW ¼ NE ¼ Acreage: 640 / 4 = 160 / 4 = 40 /4 = 10 / 2 = 5

  • r

640 / 2 = 320 / 4 = 80 / 4 = 20 / 4 = 5

¼ (& ½) Sections) Calculating Acreage

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Calculate the acreages of the following:

  • 1. NW ¼ NW ¼ SW ¼ NE ¼
  • 2. SW ¼ SW ¼
  • 3. S ½ NE 1/4

¼ (& ½) Sections Calculating Acreage

  • 4. NE ¼ SW ¼ SE ¼
  • 5. E ½ SE ¼ SE ¼
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  • Reminder if area crosses ¼ section

lines, describe each area separately with “and the” in between them To write the legal description for a given area:

  • Start with the description for the smallest area
  • n the left and then describe subsequent larger

areas moving right

  • Count the crosses to check correct number of

terms in the legal

Legal Description for Sections & ¼ Sections

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Example: Describe the shaded areas and calculate the acreages:

Legal Description for ¼ Sections

1

A B

  • 1. SW ¼ of the NW ¼
  • 2. SE ¼ of the NE ¼ of the

SW ¼

  • 3. SE ¼ of the

SE ¼ and the N ½ of the SE ¼ of the SE ¼ 3 2 40 acres 10 acres 40 + 20 = 60 acres

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Describe the shaded areas: 1. 2. 3. 4.

Legal Description for ¼ Sections

1

2 3

4

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Page 42

Land Description Systems

Metes and Bounds Rectangular Land Surveys Lot and Block Survey

Type "?" for question; "&" to go back slide; "#" to see the math

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Page 43

Lot and Block

Type "?" for question; "&" to go back slide; "#" to see the math

  • Legal description is by reference to a

recorded map or “plat map”

  • Book and page of recorded map
  • Lot and block as identified on the map
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Page 44 Type "?" for question; "&" to go back slide; "#" to see the math

LOT AND BLOCK

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Page 45 Type "?" for question; "&" to go back slide; "#" to see the math

LOT AND BLOCK

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Page 46

Land Identification & Valuation

Type "?" for question; "&" to go back slide; "#" to see the math

Land Valuation

Site Analysis

Land Description Systems Cadastral Maps

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Page 47 Type "?" for question; "&" to go back slide; "#" to see the math

Terms

Frontage Assemblage & Plottage Surplus & Excess Valuation Tables 4-3-2-1 Rule 65 / 35 Rule Units of Comparison Depth

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Page 48 Type "?" for question; "&" to go back slide; "#" to see the math

Terms

Frontage

Assemblage & Plottage

Surplus & Excess Valuation Tables 4-3-2-1 Rule 65 / 35 Rule Units of Comparison Depth

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Page 49

Units of Comparison

Square Foot Front Foot Acre Site Buildable Units

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Units of Comparison Square Foot

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  • Calculation of the square foot size of the

parcel or land area

  • Typically used as the unit of

comparison for commercial and smaller industrial properties

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Units of Comparison Square Foot

Problem

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The subject lot is 150’ x 280’. Comparable sales indicate a value per square foot of $4.50. What is the indicated value of the subject?

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Units of Comparison

Acre Front Foot Square Foot Site Buildable Units

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Units of Comparison Acre

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  • Acreage of the parcel or land area
  • Used for residential

development land, larger industrial properties and rural or agricultural land

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Page 54

Units of Comparison Acreage

Problem

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The subject property is 440’ x 2,640’. If the value is $75,000 per acre, what is the value

  • f the subject?
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Page 55

Units of Comparison

Front Foot Square Foot Acre Site Buildable Units

Type "?" for question; "&" to go back slide; "#" to see the math

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Page 56

Units of Comparison

Front Foot

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  • Front foot is the linear measurement of the

frontage along a value influence such as a street

  • r lakefront
  • Value per front foot is based on a

standard depth

  • When dimensions are stated the

first number is the frontage and the second is the depth

  • 50’ x 100’: 50’ is the frontage
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Page 57

Units of Comparison

Front Foot

Problem

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Subject property is a ½ acre vacant residential lot with frontage on Lake Tahoe. If the lot is 220’ in depth, what is the frontage? If the value per front foot is $11,000, what is the value of the lot on a front foot basis?

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Page 58

Units of Comparison

Front Foot Square Foot Acre Site Buildable Units

Type "?" for question; "&" to go back slide; "#" to see the math

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Page 59

Units of Comparison

Site

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  • Site or base lots are used as the unit of

comparison when incremental changes in size have little effect on the value

  • Typically used for residential lots

where lots within the subdivision are

  • f similar size
  • Significant differences in size are

addressed with a percentage size adjustment from the base value

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Page 60

Units of Comparison

Site

Problem

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Typical lots sizes in the subdivision are 0.20 of an acre with a site or base lot value of $18,000. The subject property is a 0.25 acre pie-shaped lot at the end of a cul de sac. Is a size adjustment likely warranted? If the indicated adjustment is 15% for size, what is the value you would assign the lot?

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Units of Comparison

Front Foot Square Foot Acre Site Buildable Units

Type "?" for question; "&" to go back slide; "#" to see the math

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Units of Comparison

Buildable Units

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  • Buildable units is an appropriate unit of

comparison for multifamily land or un-subdivided residential acreage.

  • Value is based on the density or

DU/acre per zoning or other land use controls

  • Resulting value should be

compared to acreage values for consistency

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Units of Comparison

Buildable Units

Problem

Type "?" for question; "&" to go back slide; "#" to see the math

You are valuing a multifamily parcel containing 8.5 acres. Your study of values for apartment properties indicates a per-unit value of $12,000. If the zoning allows for 20 units per acre, what is the value of the parcel? What is the indicated value per acre?

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Terms

Frontage Assemblage & Plottage Surplus & Excess Valuation Tables 4-3-2-1 Rule 65 / 35 Rule Units of Comparison Depth

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Page 65 Type "?" for question; "&" to go back slide; "#" to see the math

Terms

Frontage Assemblage & Plottage Surplus & Excess Valuation Tables 4-3-2-1 Rule 65 / 35 Rule Units of Comparison Depth

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Page 66 Type "?" for question; "&" to go back slide; "#" to see the math

Terms

Frontage

Assemblage & Plottage

Surplus & Excess Valuation Tables 4-3-2-1 Rule 65 / 35 Rule Units of Comparison Depth

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Assemblage

  • Assemblage is the combining of two or

more parcels of land into a larger parcel

$25,000 $25,000

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Plottage

  • Plottage is the assemblage of parcels

resulting in an increase in the overall value

  • Increased value is the result of increased

utility and is called “plottage value”

$25,000 $25,000

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Page 69 Type "?" for question; "&" to go back slide; "#" to see the math

Terms

Frontage Assemblage & Plottage

Surplus & Excess

Valuation Tables 4-3-2-1 Rule 65 / 35 Rule Units of Comparison Depth

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Surplus & Excess

  • “Surplus land” is extra land not necessary

to support the improvements but which can NOT be separately subdivided and sold

  • “Excess land” is having more

land than needed and which can be subdivided and sold off separately

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Surplus & Excess

Valuation

  • Surplus Land: An adjustment may be

warranted for the additional land value when using sales comparison or income (already accounted for in the land value of the cost approach)

  • Excess Land: Valued separately

and added to the value of the remainder of the property under any of the approaches to value

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Page 72 Type "?" for question; "&" to go back slide; "#" to see the math

Terms

Frontage

Assemblage & Plottage

Surplus & Excess

Valuation Tables

4-3-2-1 Rule 65 / 35 Rule Units of Comparison Depth

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Valuation Tables

  • Contain factors to adjust values from a

base value

  • Common ones are depth or size factors or

corner influence tables

  • Should be based on market analysis and

review of sales prices Similar to depreciation tables used in the cost approach

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Valuation Tables

Example

Depth Factors – 100 Feet Standard Depth

Depth Percent Factor 60’ 70% 0.70 80’ 91% 0.91 100’ 100% 1.00 110’ 103% 1.03 120’ 106% 1.06 130’ 109% 1.09 Applied to a Front Foot Valuation

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Valuation Tables

Problem

Value the parcel below given a standard depth of 100’ and a front foot value of $180. Depth table indicates 104% for a depth of 115’.

46’ 115’ Front

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Page 76 Type "?" for question; "&" to go back slide; "#" to see the math

Terms

Frontage

Assemblage & Plottage

Surplus & Excess

4-3-2-1 Rule

65 / 35 Rule Units of Comparison Depth

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4-3-2-1 Rule

  • Can be used in computing depth tables
  • 1st 25% of depth is 40% of FF value

2nd 25% is +30% 3rd 25% is +20% 4th 25% is last 10%

  • f FF value

Front 25’ = 40% of value 25’ = 30% of value 25’ = 20% of value 25’ = 10% of value 100’

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4-3-2-1 Rule

Problem Using the 4-3-2-1- Rule, what is the value of a parcel that is 42’ x 75’ if the FF value is $250 and standard depth is 100’?

Front 25’ = 40% of value 25’ = 30% of value 25’ = 20% of value 25’ = 10% of value 100’

What if the size was 42’ x 55’?

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Page 79 Type "?" for question; "&" to go back slide; "#" to see the math

Terms

Frontage

Assemblage & Plottage

Surplus & Plottage

65 / 35 Rule

4-3-2-1 Rule Units of Comparison Depth

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65 / 35 Rule

  • Used for triangular shaped areas when

using a FF value

  • 65% of the FF value is for the area with

the base of the triangle as the frontage

  • 35% of the FF value is for the area with

the apex of the triangle on the frontage

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65 / 35 Rule

Example

If the frontage is 50’ and the front foot value is $160, the values of the two parcels would be as follows:

Front 50’ A. 65% of value B. 35% of value 100’

50 * 160 = $8,000

Note: If we were using size or sq. ft., value would be split 50 / 50

  • A. 50 * 160 * .65 =

$5,200

  • B. 50 * 160 * .35 =

$2,800

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65 / 35 Rule

Problem

Calculate the value of the property below using a FF value of $225 and the 65 / 35 rule.

Front 75’ 45’ 100’

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Other Site Data

Shape Buildable Area Topography Drainage / Flood zone Soil Type

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Land Identification & Valuation

Type "?" for question; "&" to go back slide; "#" to see the math

Land Valuation

Site Analysis Land Description Systems Cadastral Maps

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Page 85

Valuation – Six Methods

Sales Comparison Abstraction Allocation Capitalization

  • f Ground

Rent Land Residual Technique Cost of Development

Type "?" for question; "&" to go back slide; "#" to see the math

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Valuation – Six Methods

Sales Comparison Abstraction Allocation Capitalization

  • f Ground

Rent Land Residual Technique Cost of Development

Type "?" for question; "&" to go back slide; "#" to see the math

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Sales Comparison

Type "?" for question; "&" to go back slide; "#" to see the math

Most Reliable Comparable Sales Units of Comparison Adjustments

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Sales Comparison

  • Most reliable method of land valuation when there are

vacant land sales available

  • Similar to the sales comparison approach for improved

properties

  • Sales prices of comparable properties

broken down into units of comparison

  • Adjustments made based on differences

from the subject property

  • Adjustments are usually done on a

percentage basis

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Sales Comparison

Problem

You are appraising a vacant commercial parcel measuring 120’ x 225’. The subject is a corner parcel located in the

  • south. You have identified 4 comparables with indicated

adjustments as follows: Time Adj. 1% per month Corner Influence +15% North Location +10% South Location

  • 10%

Using the following sales grid, what is the value of the subject on a price per square foot?

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Sales Comparison

Problem

Subject Sale #1 Sale #2 Sale #3 Location South North South South Size 120’ x 225’ 115’ x 220’ 110’ x 250’ 100’ x 210’ Corner Yes Yes No No

Sale Price n/a $40,480 $34,375 $25,200 Sq Ft $/Sq Ft Sale Date n/a 3 months 2 months 5 months Time Adj $/ sq ft Location South Corner Yes Net % Adj Net $ Adj

  • Ind. Value/ sq

ft

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Page 91

Sales Comparison

Problem

Subject Sale #1 Sale #2 Sale #3 Location South North South South Size 120’ x 225’ 115’ x 220’ 110’ x 250’ 100’ x 210’ Corner Yes Yes No No

Sale Price n/a $40,480 $34,375 $25,200 Sq Ft $/Sq Ft Sale Date n/a 3 months 2 months 5 months Time Adj $/ sq ft Location South Corner Yes Net % Adj Net $ Adj

  • Ind. Value/ sq

ft

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Page 92

Valuation – Six Methods

Sales Comparison Abstraction Allocation Capitalization

  • f Ground

Rent Land Residual Technique Cost of Development

Type "?" for question; "&" to go back slide; "#" to see the math

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Abstraction / Extraction

Type "?" for question; "&" to go back slide; "#" to see the math

No Vacant Sales for Comparison Subtracts the improvement value from

  • verall property value to get land value

Formula: LV = SP - IV

1:3

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Abstraction / Extraction

  • Think SUBTRACTION!
  • Changes formula for cost approach to

solve for land value

  • LV = V(SP) – BV
  • r LV = V(SP) - RCNLD
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Abstraction / Extraction

Example

  • You estimate the overall value of the

subject property at $110,000 and your estimate of replacement cost and depreciation indicates a building value of $85,000. What is the value of the land? LV = 110,000 – 85,000 = 25,000 LV = $25,000

Remember: Abstraction = Substraction

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Page 96

Valuation – Six Methods

Sales Comparison Abstraction Allocation Capitalization

  • f Ground

Rent Land Residual Technique Cost of Development

Type "?" for question; "&" to go back slide; "#" to see the math

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Allocation

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Allocates a portion of the total property value to the land Principle of Balance Allocation is based on typical Land-to-Building Ratios

1:3

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Allocation

  • Think RATIO!
  • Multiply the typical percent land to the total

property value to get land value

  • LV = % Land * Total Value (SP)
  • Based on land to building ratios

and the principal of BALANCE

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Allocation

Example

  • You estimate the overall value of the

subject property at $110,000. Typical land to building ratios in the area are 1:3. What is the value of the land? 1:3 = 25% land LV = .25 * 110,000 = 25,500

Remember: Allocation is the Ratio

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Allocation

Problem

  • You are valuing a subdivision using a site
  • r base lot value. The typical or median

home price is $85,000 and the estimated land to building ratio is 1:4. What base lot value will you use based on allocation?

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Valuation – Six Methods

Sales Comparison Abstraction Allocation Capitalization

  • f Ground

Rent Land Residual Technique Cost of Development

Type "?" for question; "&" to go back slide; "#" to see the math

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Capitalization of Ground Rent

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Income Approach to Value IRV Land Income / Land Rate = Land Value

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Ground Rent Capitalization

  • Income to Land divided by Land Rate

equals Land Value (IRV)

  • Can be used to adjust for the value of

surplus land when using an income approach to value

  • Also used when land is subject

to a long-term lease and the building is constructed by the Lessee

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Ground Rent Capitalization

Example Land income under a long-term lease is $2,178. If the land capitalization rate is 8%, what is the value of the land? Income / Rate = Value 2,178 / .08 = 27,225 LV = $27,225

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Page 105

Valuation – Six Methods

Sales Comparison Abstraction Allocation Capitalization

  • f Ground

Rent Land Residual Technique Cost of Development

Type "?" for question; "&" to go back slide; "#" to see the math

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Page 106

Land Residual Method

  • Net Operating Income (NOI) from total

property is separated into Building Income and Land Income

  • NOI – Building Income = Land Income
  • Land Income divided by Land

Rate equals Land Value (IRV)

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Land Residual Method

Example NOI is $40,000. Income attributable to the building is $32,000. If the land capitalization rate is 8%, what is the value of the land? 40,000 – 32,000 = 8,000 8,000 / .08 = 100,000 LV = $100,000

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Page 108

Valuation – Six Methods

Sales Comparison Abstraction Allocation Capitalization

  • f Ground

Rent Land Residual Technique Cost of Development

Type "?" for question; "&" to go back slide; "#" to see the math

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Page 109

Cost of Development Method

  • Also called Subdivision Development

method

  • Used to value vacant acreage for

residential development

  • Costs of development are

subtracted from projected subdivision lot values to estimate value of acreage

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Cost of Development Method

Example Subject is 10 acres zoned for 8 du/acre. When developed the lots are expected to sell for $12,000 each. If the cost to develop the lots is $384,000, what is the indicated per acre value of the land?

10 * 8 = 80 lots 80 * 12,000 = 960,000 960,000 – 384,000 = 576,000 576,000 / 10 = 57,600 per acre

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Cost of Development Method

$50,000 / Lot Cost to Develop = $25,000 / Lot $ / acre = ???

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Land Valuation – NAC

Type "?" for question; "&" to go back slide; "#" to see the math NAC 361.1179 Land: Methods for determining full cash value. (NRS 360.090, 360.250, 361.227)

  • 1. If sufficient sales of comparable properties which were vacant at

the time of sale are available, a county assessor shall determine the full cash value of land by applying the sales comparison approach using: (a) A mass appraisal technique in accordance with the provisions of NAC 361.11795 to 361.1188, inclusive; or (b) A single property technique in accordance with the provisions of NAC 361.118 to 361.1188, inclusive.

  • 2. If insufficient sales of comparable properties which

were vacant at the time of sale are available to carry out subsection 1, a county assessor shall determine the full cash value of land as provided in NAC 361.119.

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Land Valuation – NAC cont’d

Type "?" for question; "&" to go back slide; "#" to see the math NAC 361.119 Land: Alternate methods to sales comparison

  • approach. (NRS 360.090, 360.250, 361.227)
  • 1. If a county assessor is not able to use the sales comparison

approach for land pursuant to NAC 361.11795 or 361.118 because sufficient sales of comparable properties which were vacant at the time

  • f sale are not available, the county assessor shall determine the full

cash value of land through any of the following methods, either in combination with available land sales or as the sole method of valuation: (a) Abstraction method; (b) Land residual technique; (c) Capitalization of ground rents; (d) Cost of development method; (e) Allocation method, if the properties are substantially similar; and (f) Regression analysis.

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Land Valuation – NAC cont’d

Type "?" for question; "&" to go back slide; "#" to see the math NAC 361.107 “Abstraction method” defined. (NRS 360.090, 360.250) “Abstraction method” means a method of estimating the value of land by subtracting from the sales prices of improved parcels the full contributory value of all items attributable to the value of the improvements, thus yielding estimates of the residual or remainder value of the land NAC 361.109 “Allocation method” defined. (NRS 360.090, 360.250) “Allocation method” means a method used to value land, in the absence of a sufficient number of sales of vacant land, by estimating a typical ratio of land to total value and applying that ratio to comparable improved properties to determine the value that the land contributes to the total value of the subject property. NAC 361.111 “Capitalization of ground rents” defined. (NRS 360.090, 360.250) “Capitalization of ground rents” means the estimation of the value of land in the absence of comparable sales by capitalizing the revenue from market- rate leases of land.

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Land Valuation – NAC cont’d

Type "?" for question; "&" to go back slide; "#" to see the math NAC 361.1115 “Cost of development method” defined. (NRS 360.090, 360.250) “Cost of development method” means a method used to estimate the value of undeveloped land in which direct and indirect costs and entrepreneurial profit are deducted from an estimate of the probable proceeds to be obtained from selling the land as developed parcels and the resulting net income is discounted to a present value at a market-derived rate. NAC 361.115 “Land residual technique” defined. (NRS 360.090, 360.250) “Land residual technique” means a method used to estimate the value of land from a knowledge of normal net income, the discount rate, the remaining economic life of the property and the full contributory value of any improvements and nonrealty items. The method isolates a measurable income stream attributable to the improvements and then estimates the value of the land by capitalizing the income stream attributable to the land.

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