The Appraisal Review Process
In pre-reviewing the land appraisals, it was recognized that it was necessary to update and re-appraise due to a decided decline in land market values in the eastern end of Suffolk County. In January 1977, the County of Suffolk hired new valuation consultants to assist in determining the value of the development rights for the 60 farms. The original appraisal concepts which were developed by the consultants were sound and were used to re-appraise the total project.
A real estate appraiser was hired who analyzed the real estate market in the three townships being appraised. Data was secured on all of the comparable sales that occurred in the recent past along with present day listings of similar comparable property together with the analysis of recently foreclosed land. This information was verified and analyzed in detail by the appraiser and submitted. The information contained therein was subsequently used by the appraiser in documenting and supporting his appraised values of the property before the development rights were acquired.
It was decided to make appraisals using a before and after technique. The after value would reflect the value of the property after the development rights had been acquired. This was the basic bundle of rights theory: only the right to development was begin bought; hence, the after value was theoretically a pure farm. A farm expert, who specialized in appraising farms in New York State and the immediate adjacent states, was hired. It was determined that there were no pure farms on Long Island. The farm expert concluded that the farming of the land in Suffolk County was a holding operation as all of the farmlands had the potential for development for other than farmlands and this potential was reflected in the prices paid for farm land on Long Island. This was no recent occurrence as it had always been thus on Long Island. The farmers were forced out by development from Kings County to Queens County, to Nassau County, and finally to Suffolk County.
Read more about this topic: Farmland Development Rights In Suffolk County, New York
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