La. Admin. Code tit. 70 § XVII-547

Current through Register Vol. 50, No. 11, November 20, 2024

Section XVII-547 - Form B (Formerly Section 549)

A. The form is designed as a complete, detailed appraisal of an entire ownership, including all land and improvements using all applicable approaches unless instructed to do otherwise by the project review appraiser. This format is utilized most often to value an ownership that will be totally within a required area.

B. The following pages shall be required within the form. Other pages may be included at the discretion of the appraiser:

1. Title Page;

2. Table of Contents;

3. Letter of Transmittal;

4. Summary of Salient Facts and Conclusions;

5. Basis for Summary of Fair Market Value;

6. Title Data;

7. Discussion of the Appraisal Problem;

8. Photos of the Subject Property;

9. Neighborhood Data;

10. Site Data;

11. Statement of Highest and Best Use;

12. Comparable Land Sales and Listings Analysis;

13. Correlation and Indication of Land Value;

14. Improvements;

15. Floor Plan;

16. Market Data Approach to Value;

17. Income Data Approach to Value;

18. Cost Data Approach to Value;

19. Source and Justification of the Cost Approach;

20. Correlation of the Whole Property Value and Allocation of Value;

21. Required Right of Way;

22. Analysis of Other Considerations (Additional Compensation);

23. Final Estimate of Value;

24. Certificate of the Appraiser;

25. Addenda:

a. Assumptions and Limiting Conditions;

b. Vicinity, Strip and Remainder Maps;

c. Property Inspection Report;

d. Owner Notification Letter;

e. FIRM Maps;

f. Comparable Sales and Maps;

g. Zoning Maps (if applicable);

h. Estimate of Compensation;

i. Others at the discretion of the Appraiser and/or Review Appraiser.

La. Admin. Code tit. 70, § XVII-547

Promulgated by the Department of Transportation and Development, Office of Real Estate, LR 25:889 (May 1999), amended LR 29:2858 (December 2003), LR 33:1378 (July 2007).

AUTHORITY NOTE: Promulgated in accordance with R.S. 48:443.