Class actions dealing with real estate matters often require some method of valuing the properties in question. Individual appraisals on those properties are not required, according to John A. Kilpatrick, Ph.D., an expert in real estate appraisal and analysis. Kilpatrick says that professional appraisal standards provide standard rules for handling mass valuations, noting that group standards are commonly used for tax assessment. In fact, he argues, individual appraisals are rarely appropriate for addressing the value of property located in an environmentally contaminated area. Mass appraisal methods meet both the Frye and Daubert tests, Kilpatrick says, and can be superior to individual methods in class actions or mass torts.
Author: John A. Kilpatrick
Originally published in Class Action Litigation Report, Vol. 5, No. 19 (2004)