SFR on 5 Acre Parcel, ~3 Tillable

[Abester]

In Indiana, they get a break on the assessment and taxes if they can prove it is being used for farming. That's probably why it's not in grass.

 

[CANative]

In Indiana, they get a break on the assessment and taxes if they can prove it is being used for farming. That's probably why it's not in grass.

Out here in "the triangle" there's a lot of these properties in "grass."

 

[Ray Miller]

We have a large number of these around here. Not to hard to do.

 

[Webbed Feet]

<...... snip.....>appraiser says to just mention that <......snip.....> What would you do?

Rufus,

Whenever any appraiser advises me to "just mention" anything at all...... I find a different appraiser to ask for advice. I find all things that need to be "mentioned" need to be analyzed and a summary comment offered. Not "mentioned." At least so far I have been unable to find the Mention Rule in USPAP.

Webbed.

 

[Rufus]

We have a large number of these around here. Not to hard to do.

Thanks. Here is my current thought on verbage, what do y'all think?

"The appraiser has researched the influence attributable to the crop rights on the subject property and has determined they are minimal at best. The local Multiple Listing Service has data for twelve counties and there have been a total of twelve properties sold via same since January, 2000 with ten or less acres subject to crop rights in the past eight years.

Conversations with real estate agents for all sales in the past four years indicate no affect, positive or negative, for the presence of crop rights.
Additionally, comments from four Certified Residential Appraisers and one Certified General Appraiser also indicate no significant impact on value."

And, yes, I did accept the assignment.

 

[Mike Kennedy]

"The appraiser has researched the influence attributable to the crop rights on the subject property and has determined they are minimal at best. The local Multiple Listing Service has data for twelve counties and there have been a total of twelve properties sold via same since January, 2000 with ten or less acres subject to crop rights in the past eight years. Conversations with real estate agents for all sales in the past four years indicate no (E)ffect, positive or negative, for the presence of crop rights.

.................. {and narrowed focus.....>

Research narrowed to the prior 2 years (1,2,3,??) most proximate competitive counties indicated ....#active, contracted, closed .....................

Within the prior year, research identified ( # ) active, contracted, closed .......similar properties reporting # acres....... to # acres......indicated the market typically considers more than 2 acres as excess yielding no contributory value....

or...........the reverse..........


suggest focussing on the Res improvements and bracketing the subjects' lot placing most emphasis on the most proximate, similar, and recent closed, uc, and actives to support which ever opinion above the market demonstrates.

Good Luck.

 

[Rufus]

Rufus,

Whenever any appraiser advises me to "just mention" anything at all...... I find a different appraiser to ask for advice. I find all things that need to be "mentioned" need to be analyzed and a summary comment offered. Not "mentioned." At least so far I have been unable to find the Mention Rule in USPAP.

Webbed.

I apologize, Mr. Feet, somehow I missed your post. Yes, I agree, that is why after talking with him, I posted here as I wanted the real 'skinny' on this issue. As you may see from my prior post, I have gotten some input from the relatively few MLS sales that mentioned crop rights. That, along with input from appraisers here, gives me enough to prove my due diligence. Yes?

/2nd Edit, imput should have an "n' not an 'm' in it.

 

[Rufus]

[See above]

Thank you sir!

Very, very helpful information. Conversion from thought patterns to actual verbage has been my greatest hinderance in this business.