Uniform Appraisal Standards for Federal Land Acquisitions

Uniform Appraisal Standards for Federal Land Acquisitions.

FOREWORD This is the sixth edition of the Uniform Appraisal Standards for Federal Land Acquisitions, known to many as the Yellow Book. The valuation of real estate in federal acquisitions—serving public purposes that range from national parks and public buildings to infrastructure and national security needs—must satisfy not only appraisal industry standards authorized by Congress, but also the command of the Fifth Amendment to the U.S. Constitution: that no property shall “be taken for public use, without just compensation.” Sound appraisals are vital to ensure that government acquisitions do justice to both the individual whose property is taken and the public which must pay for it. These federal Standards, frequently cited in legislation and court rulings, have guided the appraisal process in the valuation of real estate in federal acquisitions since their original publication by the Interagency Land Acquisition Conference in 1971. The Attorney General formed the Interagency Land Acquisition Conference in 1968. Since its inception, the Conference has been “fueled by the common purpose and dedication” of its participants—any and all federal agencies that acquire property for public uses. Their shared objectives are to promulgate uniform, fair, and efficient appraisal standards for federal acquisitions; to identify and find the best solutions to the problems incident to acquiring land for public purposes; and to consider all acquisition-related matters with the twin aims of protecting the public interest and ensuring fair and equitable treatment of landowners whose property is affected by public projects. The Conference is chaired by the Assistant Attorney General for the Environment and Natural Resources Division, Department of Justice, and Andrew M. Goldfrank, Chief of the Division’s Land Acquisition Section, serves as Conference Executive. In updating the Standards for the first time in 16 years, we incorporated relevant new appraisal methodology and theory, integrated new case law, and ensured appropriate consistency with professional appraisal standards. The content is also restructured and revised for clarity and readability, resulting in practical and understandable guidance for appraisers, attorneys, and the general public. The final text reflects the contributions of the Conference agencies’ representatives, who shared valuable insights and suggestions on the previous Standards and commented on drafts of the sixth edition. The Appraisal Foundation provided technical assistance in preparing these Standards for publication. To ensure the Yellow Book is easily available to all interested users, The Appraisal Foundation is publishing this 2016 edition in both print and electronic forms under a cooperative agreement with the Department of Justice. A free electronic version is also available on the Department of Justice website. I commend the sixth edition of the Yellow Book to all readers as the foremost authority on real estate valuation in federal eminent domain, and an indispensable resource for the appraisal of property for all types of federal acquisitions. And, I would like to single out for special recognition appraisal unit chief Brian Holly, MAI, and trial attorney Georgia Garthwaite, of the Department of Justice, who led the effort that resulted in this sixth edition of the Uniform Appraisal Standards for Federal Land Acquisitions, with the assistan