Valuation, depreciation and the rate base

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Monograph

Identifikator:: 174667931X

URN:: urn:nbn:de:zbw-retromon-119897

Document type:: Monograph

Author:: Grunsky, Carl Ewald http://d-nb.info/gnd/10180959X

Title:: Valuation, depreciation and the rate base

Edition:: 2. ed., revised and extended

Place of publication:: New York

Publisher:: Wiley

Year of publication:: 1927

Scope:: X, 500 Seiten

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter X. Notes on the determination of the value of real estate in eminent domain proceedings and for rate-fixing purposes

Collection:: Economics Books

DETERMINATION OF THE VALUE OF REAL ESTATE 201 from consideration the economic features which determine whether and to what extent the enterprise which involves the acquisition of the land can be made profitable. It may make it impracticable to get before the court that information which a prudent purchaser would seek when making up his mind relating to the price which he would be justified in paying. The presentation, then, in court of the evidence on which the valuation of real estate is to be based is not always a simple matter. The information wanted is the market value. The expert who testifies to value must inform himself what the value is, all purposes for which the property is suitable being taken into account. Recent court rulings appear, as above shown, to be against allowing evidence which will show the value in money for any special purpose. The local dealer in real estate who knows what sales have been made in recent years and who knows or is supposed to know the effect that the adaptability of any particular tract of land to a particular purpose has upon the market value of that land is, according to such rules of procedure, the proper value expert. His opinion relating to the money value of an island for boom purposes, or of a tract suitable for a dam site or for a reservoir site or for some other public use, is allowed to go before the judge or jury that fixes the value while the trained engineer- ing expert who may have made a careful analysis of all eco- nomic features involved but who may have no knowledge of the land value for other than one special purpose, is not allowed to testify to the value which the same property would have for the special use to which it is about to be put for the benefit of the public. He is restricted to a statement of the nature of such use and may present facts relating thereto but he must not express an opinion relating to value in terms of money unless he is in a position to say that he has given consideration to all possible uses. This rule of the courts is intended to stop the introduction of evidence too speculative and remote in character. The possi- bility of growing a special crop at an estimated annual profit

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