I am a Full-Time Commercial, Agriculturl & Industrial Appraiser in South Dakota and have been for the past 28 years. YES! I would like to use this Forum more, but with living in the Upper Midwest (yes--we do have motorized vehicles, not just horses!) I have set up my own 'bank' of appraisal professionals whereby we trade information with each other.
This has worked out very well. I had two Appraisers Email for Data today and I had one Appraiser walk in for Data.
Can't speak for Paul, but I'm not searching for data. Just hoped there would be more participation in the exchange of ideas, concepts, questions, answers, etc. with respect to appraisals outside of the usual residential projects.
Being located in a small town (relatively speaking), my assignments also run the gamit... ranch, commercial, light industrial, estate work, litigation and some residential. By the way, are you doing any assignments relating to IRS 2032A (value in use)?
Neil: I haven't done the IRS 'Value In Place' as of yet... but would like to hear more about it...? I won't be back on AF until Monday, as my wife has a Board of Directors Meeting in Pierre SD (State Capitol) on Sunday at Noon...
An estate holding qualified farmland may elect to use the Capitalization of Rents method to determine Use Valuation.
The capitalization of rents method values the property by determining the present value of the furture cash flows by using cash rent figures for the previous five years. The capitalization of rents formula is the average annual gross cash rental (after payment of state and local real estate taxes) for comparable land for the five most recent full calendar years prior to death, divided by the average annual effective interest rate for all new Farm Credit Bank Loans for the year of death (the regional Farm Credit Bank District in which the special use real estate is located).
You might discuss this with some of your local attorneys that practice estate law.