Appraisal

  • Requirements

    Independent Fee Appraisers must possess the appropriate license and be able to prove their qualifications when completing appraisals for projects with State and Federal funding. Contact AERO if there is a question regarding appraiser licensing or qualifications.

    All appraisals must comply with USPAP and be consistent with the MDOT appraisal requirements.

    Prior to the appraisal of any land that is to be acquired, including donated land, the sponsor should secure an environmental audit of suspected contaminated property and provide the results to the appraiser for inclusion in the appraisal report. Appraisers should be aware of and report to the sponsor, before completion of the appraisal, actual property conditions that exist at a site that may warrant further environmental investigation. The appraiser may not assume the property is free of contamination when conducting an appraisal.

    All appraisers must consider and be familiar with existing laws and regulations impacting properties in the vicinity of an airport (including AERONAUTICS CODE, Title 14:Part 77, Title 14: Part 91, Michigan Tall Structure Act, and Airport Approach Plans) to determine if there are any existing restrictions on properties in the project area. Appraisers must consider local zoning and airport approach plans when determining highest and best use (and any corresponding impacts on value) for properties surrounding licensed public use airports. Appraisers can request a copy of the Exhibit "A" property map to identify parcels with existing avigation easement encumbrances.

  • Report Requirements