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Market Versus Assessed Values of Industrial Land

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  • Joseph G. Kowalski
  • Peter F. Colwell
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    Abstract

    The purpose of this paper is to identify the manner in which parcel scale, micro-location, and macro-location influence the market values and the assessed values of parcels zoned for industrial use. The implicit prices exhibited by the market for industrial parcels in the west suburbs of Detroit are somewhat different than those which are embodied in the assessment process in the same area. The market exhibits plattage (i.e., a value increment from subdivision), but there is little recognition of it in the assessment process. Also, there appears to be no recognition of the market frontage effect in the assessment process, and assessors appear to have different views of the importance of industrial parks than estimates from the market indicate would be appropriate. However, the market and assessment models are remarkably similar with regard to the impact of north-south location and landfill permits. Copyright American Real Estate and Urban Economics Association.

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    Bibliographic Info

    Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

    Volume (Year): 14 (1986)
    Issue (Month): 2 ()
    Pages: 361-373

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    Handle: RePEc:bla:reesec:v:14:y:1986:i:2:p:361-373

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    Cited by:
    1. Hans R. Isakson, 1997. "An Empirical Analysis of the Determinants of the Value of Vacant Land," Journal of Real Estate Research, American Real Estate Society, vol. 13(2), pages 103-114.
    2. Colwell, Peter F. & Munneke, Henry J., 1997. "The Structure of Urban Land Prices," Journal of Urban Economics, Elsevier, vol. 41(3), pages 321-336, May.
    3. Paul K. Asabere & Forrest E. Huffman, 1991. "Historic Districts and Land Values," Journal of Real Estate Research, American Real Estate Society, vol. 6(1), pages 1-8.
    4. William C. Goolsby, 1997. "Assessment Error in the Valuation of Owner-Occupied Housing," Journal of Real Estate Research, American Real Estate Society, vol. 13(1), pages 33-46.
    5. Paul K. Asabere & Forrest E. Huffman, 1996. "Thoroughfares and Apartment Values," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 9-16.
    6. Peter F. Colwell & Tim F. Scheu, 1994. "A History of Site Valuation Rules: Functions and Empirical Evidence," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 353-368.
    7. Landers, Jim, 2006. "Why Don't Enterprise Zones Work? Estimates of the Extent that EZ Benefits are Capitalized into Property Values," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 36(1).
    8. Gary C. Cornia & Barrett A. Slade, 2005. "Property Taxation of Multifamily Housing: An Empirical Analysis of Vertical and Horizontal Equity and Assessment Methods," Journal of Real Estate Research, American Real Estate Society, vol. 27(1), pages 17-46.

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