- 11 - B. Expert Reports Both parties rely on expert appraisals of the Canal. Respondent’s expert, Felecia Coleman (respondent’s expert), considered the 4.75-acre Canal to be solely land under water. She used a comparable sales approach to value the Canal, under which she attempted to estimate the value of the Canal based on the sales prices of similar properties. Since she could find no sales of manmade canals, respondent’s expert used ponds as the best available comparables. Also, because there were no sales of ponds in the vicinity close to the time of the contribution of the Canal, she estimated the value of the ponds of comparable size in the area using their assessed values for local property tax purposes. On the basis of her experience in real estate, she concluded that such assessed values were typically 80 percent of fair market value, and respondent introduced statistics supporting this ratio for nonresidential, nonagricultural real property in Clarendon County. Since the tax-assessed value for similarly sized ponds in the area was $1,000 per acre, respondent’s expert used a figure of $1,250 per acre as the estimated fair market value of the ponds. On the basis of that figure, she estimated the Canal’s value at $5,937.50 (4.75 acres times $1,250), which she rounded to $5,950. Petitioners’ expert, Theodore B. Gardner (petitioners’ expert), treated the 4.75-acre Canal as comprising threePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011