Appraisal Institute publications address the topic: The Dictionary of Real Estate Appraisal, Sixth Edition presents three definitions applicable to unique properties: page 114   A limited-market property is “a property (or property right) that has relatively few potential buyers.” A special-purpose property is “a property with a unique physical design, special construction materials, or a layout […]

BTLA on LIMITED-MARKET and SPECIAL-PURPOSE PROPERTIES NH BTLA has ruled in favor of the Cost Approach for limited-market and special-purpose properties. It is called “use value”. As excerpted here: “Subject property is a unique, special purpose property, due to its size and design. It is appropriate for one use, or a very limited number of […]

The New Hampshire Bureau of Tax and Land Appeals has set precedents for using the Income Approach in appraisals for tax abatements Use fee simple interest, not leased fee interest. The capacity for earning income, not actual income, reflects the fair cash value of the non-regulated privately owned commercial property for taxation. When the actual […]