In the United States, contaminated property may be appraised for several reasons other than traditional property tax assessment: litigation (both tort and criminal), brownfield redevelopment, preservation/conservation easements, or financing. The Uniform Standards of Professional Appraisal Practice, adopted for use throughout the United States, outline the minimum standards in a section titled Advisory Opinion 9. This article outlines the methodology dictated by those standards and how it has evolved over the years from both academic and applied perspectives, focusing specifically on its application to contaminated property. Appropriate methodology within those standards has evolved over the years in the academic and practitioner literature.
Authors: John A. Kilpatrick and Bill Mundy
Originally published in the Journal of the Japan Real Estate Institute (October 2003)