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Perspectives On The Assembled Workforce In Real Property Valuation

Author

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  • Kimberly K. MERRIMAN
  • Leonard J. PATCELLA

Abstract

A valuation assignment, such as an appraisal for ad valorem tax purposes, may require appraisers to remove the value of identified non-real property elements from the real property value. This article examines theory and practice surrounding one recognized yet debated non-real property element: the trained and assembled workforce. The article describes the appraisal context where an assembled workforce is likely relevant, the theoretical footings of this intangible asset, and a step-by-step conceptual treatment of the assembled workforce in real property valuations. Then, a case study is presented that demonstrates a unique market test of basic concepts. The article concludes with key practical insights for real property appraisers and related practitioners.

Suggested Citation

  • Kimberly K. MERRIMAN & Leonard J. PATCELLA, 2021. "Perspectives On The Assembled Workforce In Real Property Valuation," The Valuation Journal, The National Association of Authorized Romanian Valuers, vol. 17(2), pages 70-97.
    • Handle: RePEc:vaj:journl:v:17:y:2021:i:2:p:70-97
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    JEL classification:

    • C00 - Mathematical and Quantitative Methods - - General - - - General

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