HomeMy WebLinkAbout1993-11-03 MN DNR Real Estate Appraisal Report Format Guidelines Communication DEPARTMENT OF NATURAL RESOURCES
Bureau of Real Estate Management
•ATE OF MINNESOTA
DATE: 11/03/93
TO: BREM Staff
FROM: Jim La`' PHONE: 297 -2572
Admini -' .or
SUBJECT: Apprai,. Format Guidelines
Enclosed is your copy of the approved final guidelines for appraisal
report requirements and suggested formats when doing real estate
appraisals for the Department of Natural Resources, Bureau of Real
Estate Management. They will become part of the BREM manual.
These guidelines are for four levels:
Less than $2,500 - Opinion of Value
$2,500 - $5,000 - Memorandum of Opinion
$5,000 - $25,000 - Abbreviated Appraisal Report
Over $25,000 - Detailed Appraisal Report
The first two levels - Opinion of Value and Memorandum of Opinion -
are to be used by BREM staff appraisers only. The other two levels -
Abbreviated and Detailed reports - are for both staff and independent
fee appraisers.
Together with the requirement for a complete file information and
advisory language for the lower value levels, these reporting
guidelines appear to satisfy and conform to Uniform Standards of
Professional Appraisal Practices (USPAP) as well as federal and state
requirements and regulations.
Most independent fee appraisers contacted have indicated that
personally they have no problem with the above guidelines. However,
because their individual affiliate appraisal organizations have very
strict rules of their own, the appraisers are reluctant to follow
reporting guidelines for the first two categories. Therefore, the
"Opinion of Value" and "Memorandum of Opinion" are designated for
staff appraisers only.
As for most guidelines, there can and will be exceptions. For
example, should a proposed acquisition in one of the lower value
categories become controversial or be slated for condemnation, such
acquisition will be handled as a detailed report.
Should you have requests for BREM appraisal report requirements and
guidelines from outside the department, you are free to provide
copies of the "Abbreviated Appraisal Report" and "Detailed Appraisal
Report" formats.
For any questions on the above, contact George Bekeris at (612)
297 -4930.
cc: Eugene Gere
• •
STATE OF MINNESOTA
DEPARTMENT OF NATURAL RESOURCES
BUREAU OF REAL ESTATE MANAGEMENT
APPRAISAL REPORT
FORMAT
GUIDELINES
(October 29, 1993)
• •
APPRAISAL REVIEW CHECKLIST
Manual Appendix 13
_ Title Page
_ Letter of Transmittal
_ Appraisal Summary Form
_ Table of Contents
_ Photos of Subject
_ Limiting Conditions and Assumptions
_ Discussion of the Assignment
_ Extent of Process
_ Purpose of the Appraisal
_ Date of Inspection
_ Date of Value
_ Date of Report
_ Market Value Defined
_ Function of the Appraisal
_ Title Information
_ Record of Transfers
_ Property Rights Appraised
_ Encumbrances
_ Legal Description
_ The Whole
_ The Acquisition
_ Discussion of Area Market(s)
_ Maps, Diagrams, Sketches
_ Property Data
_ Site Description
_ Improvement (s) Description
_ Assessor's Market Value
_ Assessments
_ Zoning
_ Highest and Best Use
_ Definition
_ Whole or Acquisition as Subject
_ As Vacant
_ As Improved
_ Remainder as Subject
_ As Vacant
_ As Improved
_ Approaches to Value
_ Basic Approaches Discussed
_ Explain and Support Exclusions
_ Before and After Approach Discussed
• _ Cost Approach
_ Land Value
_ Reproduction or Replacement Cost
_ Depreciation
_ Method
_ Allocation to Sources
_ Sales Comparison Approach
_ Sales Area
_ Unit of Comparison
_ Direct Comparison between sale and subject
10 -29 -93 1
_ Aistments Demonstrated •
_ Narrative Discussion of Adjustments
_ Comparable Sales Detailed
_ Reconciliation of Sales
_ Income Capitalization Approach
_ Sufficiency of Market Data
_ Stabilized Expenses
_ Support for Rate
_ Reconciliation & Final Value Estimate
_ Identify Damages and Benefits
_ Allocation of Final Opinion to Component Units
_ DNR Certification
_ USPAP Certification
_ Appraiser's Qualifications
Addendum
Definitions -
Appraisal Assignment and Fact Sheet
Comparable Data and Maps
Map of Improvement Location
Copies of Deeds
10 -29 -93 2
• •
BUREAU OF REAL ESTATE MANAGEMENT
MANUAL APPENDIX 15
APPRAISAL REPORT FORMAT GUIDELINES
FINDING OF VALUE
(Less than $2,500.00)
To be used by Staff Appraisers only.
This procedure should be used if:
o The assignment is not complicated, confusing or misleading.
o Damages, if any, are minimal.
o Highest and Best Use of Remainder does not change.
The owner has to be informed that the offer is not based on a
detailed appraisal, but on a reasonable and supportable value
conclusion. The owner has the right to ask for a detailed
appraisal. Should the owner do so, the appraisal will be reported
in the "Memorandum of Opinion of Value" form.
MINIMUM REQUIREMENTS
o View the property.
o State Highest and Best Use.
o Have knowledge of comparable property values.
o Estimate made by an appropriately licensed appraiser.
o As part of the appraisal consider relevant transaction
values (i.e., what does it cost and take to transfer real
estate) .
o Incorporate the appraiser's file by reference. The file must
contain all required data and statements in coherent form.
o Include this statement as part of your memorandum: "The
opinions and value estimate expressed in this memorandum
can be more completely understood by reference to the
complete file.".
o Disclose any limitations of the assignment.
o Comply with State law.
o Attach Appraisal Certification Form
o Attach one or more photos of subject.
10 -29 -93 3
•
• _ •
SAMPLE
MEMORANDUM OF "FINDING OF VALUE'
Project : Downhill WMA
Parcel 4 00
County: Lphill(00)
Project AtWMA 33333
Owner Smith, Sue & Peter
On September 10 this year. 1 viewed subject tract. It is a 2.15 acre part of a 240.00 acre
operating farm. Part of this proposal is a wetland with the remainder being tillable. The
acquisition of a fee estate in the 2.15 acres will cause no measurable damages. Recent vicinity
sales indicate land values to be between $150 to S250 per acre for wetlands and about S600 to $1000
per acre for tillable land.
Based on these indications and considering the cost of transferring ownership of real estate it is
my estimate that S2,000.00 or approximately $930iper acre is market value of the proposed
acquisition.
My file contains all data and statements required by law.
The value conclusion may not be properly understood without reference to the complete file.
Appraiser: Date of Value: Date of Report:
License Type: Number: Expires:
10 -29 -93 4
• •
MEMORANDUM OF OPINION OF VALUE
( To $ 5,000.00 )
To be used by Staff Appraisers only.
Use it When:
o Simple acquisition.
o Improvements, if any, are minor.
o Damages, if any, are nominal.
o Before and After valuation not required.
o Present use is Highest and Best Use.
o Highest and Best Use of remainder does not change.
GENERAL REQUIREMENTS
Field Work
o Inspection of property, gathering and inspection of
comparable sales, and other appraisal procedures as
required for any appraisal and commensurate with
assignment.
Memorandum
o Identify project by legal description, and by owner name
and address.
o Brief description of subject property which includes
location, physical characteristics, present use, zoning,
deed restrictions, property rights appraised.
o Brief description of market value trends indicated by
comparable sales and their relation to subject property.
o Conclusion of specified value.
o Incorporate file by reference.
o Disclose any limitations of the assignment.
Addendum
o Appraisal Summary form.
o Appraisal Certification form.
o One or more photos of subject.
In File
o Comparable sales information.
o All other information used to arrive at subject value and to
comply with license law.
10 -29 -93 5
• •
SAMPLE
MEMORANDUM OF OPINION OF VALUE
PROJECT: Downhill WMA 33333 OWNER(S):
PARCEL: # 00 (99999) Jones, Chris & Terry
COUNTY: Uphill (00) R.R., Smile, MN 00000
• (XXX) YYY•ZZZZ
The purpose of this appraisal is to determine market value of the fee estate in Government Lot 5 of
Section 21 of T49\, R 16W (See fact sheet). The date of report is today's date, June 1, 1993.
This appraisal is to function as the basis for an offer of just compensation by the Acquisition Unit
of the Bureau of Real Estate Management. According to established guidelines this memorandum will
represent the appraisal report. The appraiser's file contains supporting data and analysis, as well
as legally required documentation, which are not integral to proper understanding of this report.
No notable assumptions or limiting conditions were applicable to the analysis and conclusions
herein.
The Jones Tract is located in Uphill County, Minnesota lying approximately 14 miles southwesterly of
the town of Smithville and one mile east of U.S. Highway 275. It is 10 acres of pasture and trees
with 165 feet of frontage on a graveled township road. It is part of a 280 acre contiguous improved
and occupied ownership. Primary land use in the area is agricultural. Untillable areas are usually
recreational lowland or upland timber which are part of larger agricultural ownerships. Markets for
agricultural land are active yet stable in price. Typical sales are 120 acres or less. There is no
significant demand for rural residential sites. Zoning for the subject is agricultural. Highest
and best use of the subject is agricultural, most likely as expansion for adjacent owners.
As the property is not improved, the cost approach is not applicable. As an income stream is not
reasonably attributed to such property, the income approach was not used.
The sales comparison approach was employed. The extent of the process of collecting and confirming
the data was limited to searches of CRV and Assessor data for the immediate four townships. Several
sales of agricultural property were identified. Five of these were very comparable to the subject
and ranged in price from S300 to S350 per acre. The sales and subject (with the owner) were
inspected May 13, 1993.
The five sales varied as to date of sale, type of road frontage, land type composition, and
motivation of buyer. One sale, at $340iacre, compares best with the subject. With support of
recent sales. the conclusion of subject value, as of May 13, 1993, is $340 per acre or S3,400.
This appraisal was procured through the appraiser's employment by the Minnesota DNR, the potential
purchaser of the property.
A signed summary and certification are attached.
Appraiser: Date:
License Type: `umber: Expires:
10 -29 -93 6
•
• .
ABBREVIATED APPRAISAL REPORT
(To $25,000)
GENERAL REQUIREMENTS
Field Work
As required by USPAP and State law.
Report
1. Identify project.
2. Identify owner by name and address.
3. Brief description of subject property (generally as Sample
Memorandum under "B ") , which includes physical
characteristics, present use, zoning, available utilities,
deed restrictions, and property rights appraised.
4. If partial acquisition, description of site which will
include the larger ownership.
5. If partial acquisition, a Before and After appraisal
valuation is required regardless if there are damages and /or
benefits or not, unless the vicinity market via sale
analyses shows that both the part to be acquired and the
remainder have distinctly different Highest and Best uses.
6. Legal description of subject property.
7. Three year history of subject sales, or last transaction if
it is over three years.
8. Definitions of Market Value.
9. A determination and analyses of Highest and Best Use(s).
10. Inclusion of a minimum of two to three dated confirmed
comparable sales with names of grantors and grantees
shown. These shall be discussed and analyzed by the
appraiser in writing.
11. Inclusion of map(s) showing subject location and the
location of comparable sales on the same map.
12. Inclusion of one or more photos of subject.
13. Qualification of the Appraiser.
14. Date of Appraisal (as of) and Value Estimate.
15. Appraiser Certification form.
16. Disclaimer Statement.
17. Disclose any limitations of the assignment.
18. Incorporate file, data and statements, by reference.
10 -29 -93 7
• •
SAMPLE
ABBREVIATED APPRAISAL REPORT
Project: Illusion River COW Parcel #: l Trans. #: '6543 Project #: CBR12345
County: Downstate County PIN: 41- 022 -4010 (Taxed) Water Body: Illusion River
Owner: 1. M. Interested
Address: 777 Perfection Lane. Bliss, MN 55999
Purpose of the Appraisal: Estimate market value of the identified rights.
Date of Value and Date of Report: The property was inspected June 28, 1993, and is valued as of that
date. The date of this report is July 3, 1993.
Property Rights Appraised: Fee estate subject to identified encumbrances.
Encumbrances: Public highway, electric distribution, and telephone.
Function of the Appraisal: Provide a basis for the State's offer of just compensation.
Extent of Process: The search for comparable sale information included the Down State County
Assessor's sale study and related Certificates of Real Estate Value. Close examination was given to
agricultural land sales in the townships of Bully Run, Dog Run, and Youbetcha Falls for the last
three years. Discussion with the Upstate County Assessor also yielded information on sales in Grand
Bluff Township of that county.
This report format meets DNR guidelines for property of this type and value. The appraiser's
file may contain supporting data and analysis.
Legal Description: Part of Government Lot 21, Section 32, Township 16 North, Range 29 West, L; rig
northerly of the center line of the township road. (A survey will be made.)
Subject -Sale History: The desired acquisition was acquired as a part of approximately 80 acres by
Warranty Deed on September 12, 1985. There have been no subsequent sales.
Area and Neighborhood: The acquisition is located in the NW corner of the City of Grand Bluff
Surrounding land use is largely agricultural but also strongly industrial. Land to the south is
intensively used in gravel processing. One small site, out of the city at the west edge of the
subject, is residential. The neighborhood does not exhibit residential demand or promise of it in
the near future.
Site Description: The acquisition is bounded by the Illusion River on the north and a public road on
the south. It averages about 225 feet in width and is about 1,100 feet long. Total area is
estimated to be 5.5 acres. It is mostly cultivated field with woody vegetation at the margins. The
remainder of the property, after acquisition, is woodland or wetland. At the time of inspection the
River was very high and part of the acquisition had standing water. The remainder of soils were
very wet.
Description of Improvements: None.
Zoning: The City of Grand Bluff has zoned the acquisition as Flood Plain. It is within the 100 dear
flood plain according to the FERIA map.
10 -29 -93 8
•
• •
Highest and Best Use: Is that of the current and near future, for annual field crops.
Approaches to Value: With no improvements. the cost approach is not reasonably applied.
Application of an income approach is not reasonably cost effective or reliable. Sales comparison
will be used.
DIRECT COMPARISON OF MARKET DATA
Sale #1 #2 #3
Date 12 -16 -91 4 -15 -92 4 -9 -93
Price 160,000 78,000 154,000
Acres 160 80 15 7 9
Value /Acre 1,000 975 975
ADJUSTMENTS
Time 0 0 0
Financing 0 0 0
Size 0 0 0
Access 0 0 0
Land Utility 0 0 0
Location 0 0 0
Frontage 0 0 0
Improvements -25 0 0
VALUE PER ACRE 975 975 975
INDICATED $5,363 $5,363 $5,363
SUBJECT
Explanation and Support of Adjustments: These three sales are a typical sample of area agricultural
sales. Their average CERs range from 63.5 to 69.39 which encompasses the subject. No significant
variation was indicated for any of the above factors. The subject's size is considerably smaller,
but there is no basis for adjustment. The improvement adjustment reflects the presence of a machine
shed and grain bin on sale one.
Explanation and Support of Damages: The acquisition will not change the current use and utility of
the remaining ownership.
Conclusion and Allocation of Value:
Acres Total Contiguous Ownership: 29 t Acres to be Acquired: 5.5 ±
Agricultural Cropland 5.5 acres ® S975/Acre = $5,363 rounded to SS,400
Appraiser: A. Good Appraiser Date
License 4: 4099999 Expires: 8/31/94
Class of License: Certified General
Attachments:
DNR Certificate of Appraiser, Assumptions and Limiting Conditions
Qualifications of Appraiser, Sale Data, Maps and Photos, Definitions
10 -29 -93 9
• •
APPRAISALS WITH VALUES OVER $25,000
Appraisal requirements are based on "The Uniform Standards for
Federal Land Acquisitions'', the "Uniform Standards of Appraisal
Practice", and State law.
Formal Appraisal Requirements.
1. Title Page which includes Date of Appraisal, and owner's
name.
2. Table of Contents.
3. Letter of Transmittal, Date of Appraisal and Report.
4. Appraisal Summary Form.
5. Original colored photographs of Subject Property and
comparable sales.
6. Statement of Limiting Conditions and Assumptions.
7. Definition of Market Value.
8. Purpose of Appraisal, and Property Rights appraised.
9. Extent of process of collecting, confirming and reporting
data.
10. Legal Description and address.
11. Areas, City, and Neighborhood Market Data.
12. Property Data:
a. Description of Site which should include physical
characteristics, present use, available utilities, and
deed restrictions.
Description of Site should also include the larger
ownership if the acquisition is a partial taking. If
it is a partial take, a Before and After appraisal
valuation is required, regardless if there is
damage and /or benefit, or not, unless the vicinity
market via sale analyses shows that both the part to
be taken and the remainder have distinctly different
Highest and Best uses.
b. Description of Improvements.
c. Description of any items included which are not real
property.
d. Three year history of subject sales, or last
transaction if over three years.
e. Assessed Value, Real Estate Taxes, and Special
Assessments, if any.
f. Discuss present Zoning, and future zoning.
13. Determination of, and analysis of Highest And Best
Use.
10 -29 -93 10
• •
THREE APPROACHES TO VALUE: (Explain and support the
exclusion of any) .
14. Land Value Estimate:
Estimate the value of land supported by confirmed
sales of comparable land. All sales shall have named
grantors and grantees and dates of sales. Differences
shall be weighed and explained in relation to the
subject land for the appraiser's value estimate.
15. Value Estimate by Cost Approach: (If Applicable)
The cost of improvements shall be estimated from
current cost manuals or from reputable building
contractors. This value, when depreciated, is then
added to the Land Value estimated above for the final
Cost Approach Value.
16. Value Estimate of Market Approach:
Estimate the value of the property supported by
confirmed sales of comparable property. All sales must
have named grantors and grantees and date of sales.
Each sale shall be weighed and explained in relation to
the subject property for the appraiser's Market Value
estimate.
17. Value Estimate by Income Approach:
This approach to value requires the appraiser to base
his estimated gross income for the subject on
comparable income properties named, confirmed, and
dated. After allowances for vacancies and legitimate
expenses, the appraiser should capitalize the Net
Income for the final Income Value estimate.
18. Reconciliation and Final Estimate of Value:
The appraiser weighs each approach to value and
makes a final estimate of value. (If applicable, a
separate value for each tract or land type is
required.)
19. Certification of Value: (DNR Form and USPAP)
Certification statement shows that the appraiser did
inspect the subject property with the owner's
permission. In addition, the Certification shows that
the appraiser has no undisclosed interest in the
appraised property.
EXHIBITS AND ADDENDA
20. Location Map within city or area.
21. Map of area showing both the subject property and the
comparable sales on the same map.
22. Plot Plan.
23. Floor plans (if applicable) .
24. Qualifications of Appraiser.
10 -29 -93 11
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