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Assessing airports for business rates

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  • Hicks, Stuart

Abstract

Since the start of the economic downturn, regional airports have faced real challenges to their survival. As 2013 is proving to be just as difficult, ideas long explored in other industries are now being successfully applied in the Aviation section to improve profits. One way that airports are improving profitability is by challenging the traditional methods of assessing airport rateable values and unlocking potential savings. This article explores in detail the Contractor's Basis of Valuation and how it can be applied to airports to reflect their unique mode and category of occupation. This paper examines Stage 2 and Stage 5 of the Contractor's Basis of Valuation including: allowances for obsolescence, surplusage, piecemeal development and comparative assessment. It draws upon the many case studies and more recent rulings where these types of appeal have been lodged and successfully brought to conclusion on behalf of UK and Irish airports.

Suggested Citation

  • Hicks, Stuart, 2013. "Assessing airports for business rates," Journal of Building Survey, Appraisal & Valuation, Henry Stewart Publications, vol. 2(2), pages 134-140, June.
    • Handle: RePEc:aza:jbsav0:y:2013:v:2:i:2:p:134-140
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    More about this item

    Keywords

    airports; Contractor's Basis of Valuation; rating appeals; allowances for; obsolescence; profit discovery; piecemeal development;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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