- 16 - of years between the property’s date of sale and decedent’s date of death. After applying the time adjustment, the per-acre sale price was adjusted by the aggregate of the waterfront and size adjustments. The waterfront adjustment was made by comparing the water access of the comparable property with that of DP. Mr. Hartnett made positive and negative adjustments for water access where he thought appropriate. The size adjustment took into account a premium paid for smaller parcels. The greater the difference between the acreage of DP and the comparable property, the greater the amount of the adjustment. 4. Highest and Best Use Analysis The estate’s position is that DP’s highest and best use on the valuation date was mixed--recreation supported by timber farming. Respondent contends that DP’s highest and best use on the valuation date was as timberland since timber farming had been the sole profitable activity of DP until decedent’s death. We disagree with respondent.Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
Last modified: May 25, 2011