7.2 III. Finding Value
Jurisdiction | New York |
III. FINDING VALUE
There are three basic approaches to finding value: cost, income and market.273 “Cost” value is determined by adding the value of the land (from market sales) to the sound value of the improvement (reproduction cost less depreciation). “Income” value is determined from an analysis of comparable rentals, expenses and capitalization rates derived from the open market. “Market” value is determined by sales of similar properties on the open market.
Generally, income-producing properties are valued by income analyses, although an overall whole-to-whole market analysis is also possible. Single-family houses and vacant lands are properly valued from market sales.274 The cost approach is reserved for unique properties not usually bought or sold, but which are proper improvements that would be reproduced if destroyed (e.g., a greenhouse or cathedral).275
All damages sustained by the property must be considered. In partial taking cases, damages include diminution to the remainder of the property when the use to which the portion taken is put makes the remaining property less suitable for the manner in which it was used before the taking.276
For the past 40 years, the federal government, either directly or through specific grants given to the states for specific purposes, has sponsored a huge interlacing of federal highways originally created as part of the country’s military defenses to enable the shifting of troops from one end of the nation to another. That network now has become an economic backbone of the country, linking all sections with federal highways and interstates and state connectors to interstate highways. The volume of land acquisitions creating this network was unprecedented. As a result, the majority of the property valuation cases that have materialized in the past half-century are condemnation cases. While many of the principles of appraisal and law are the same in condemnation and other valuation proceedings, there are a number of differences running from the specific core of the purpose of the proceeding itself.
Highest and best use of a property, for example, is the touchstone of value in condemnation proceedings.277
The courts generally will reach the same definition of highest and best use as the Appraisal Institute does, to wit, “the reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible and that results in the highest...
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