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Market Versus Assessed Values of Industrial Land

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  • Joseph G. Kowalski
  • Peter F. Colwell

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.

Suggested Citation

  • Joseph G. Kowalski & Peter F. Colwell, 1986. "Market Versus Assessed Values of Industrial Land," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(2), pages 361-373, June.
    • Handle: RePEc:bla:reesec:v:14:y:1986:i:2:p:361-373
    DOI: 10.1111/1540-6229.00391
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    Cited by:

    1. Miriam Schoenbaum, 2002. "Environmental Contamination, Brownfields Policy, and Economic Redevelopment in an Industrial Area of Baltimore, Maryland," Land Economics, University of Wisconsin Press, vol. 78(1), pages 60-71.
    2. 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), pages 1-16.
    3. Hans R. Isakson & Mark D. Ecker, 2001. "An Analysis of the Influence of Location in the Market for Undeveloped Urban Fringe Land," Land Economics, University of Wisconsin Press, vol. 77(1), pages 30-41.
    4. 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.
    5. Christian Janssen & Bo Söderberg, 1999. "Estimating Market Prices and Assessed Values for Income Properties," Urban Studies, Urban Studies Journal Limited, vol. 36(2), pages 359-376, February.
    6. 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.
    7. 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.
    8. Joseph G. Kowalski & Christos C. Paraskevopoulos, 1991. "The Impact of Spatial-Temporal Interactions on Industrial Land Values," Urban Studies, Urban Studies Journal Limited, vol. 28(4), pages 577-583, August.
    9. 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.
    10. 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.
    11. Peter Phibbs & Nicole Gurran, 2021. "The role and significance of planning in the determination of house prices in Australia: Recent policy debates," Environment and Planning A, , vol. 53(3), pages 457-479, May.
    12. Alan W. Evans & Paul K. Asabere & Forrest E. Huffman, 1994. "The Price Determinants of Foreclosed Urban Land: A Discussion," Urban Studies, Urban Studies Journal Limited, vol. 31(10), pages 1777-1782, December.
    13. 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.
    14. 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.

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